The much expected move happened today atlast and proved the fact that the bullish undercurrent was very much alive !
This was the view that was being maintained for the last three sessions and it looks like bears have totally lost out for this expiry also. The last chance for them was to cover at the momentary sub 3300 level yesterday and it is highly unlikely that bears will benefit going further for this expiry.
The way the market zoomed past 3400 levels after trapping the bears, at 3373 levels indicate that 3400 or 3373 is going to act as a very strong support going forward and there is a high possibility that the 3400 puts also expire worthless for this expiry.
The only concern for bulls is that the volumes have not yet picked up and today the up move was also with very low volumes. Having seen this, this could very well end up being a false move for this expiry and NIFTY can collapse in the early weeks of May itself.
Whatever it is, right now, bulls in this process have regained the 200 DMA territory.
How far this rally can extend? This now becomes the key question for this expiry. There is a very strong possibility that the previous high made at 3511 will be conquered with ease and bulls can also ferociously move NIFTY to 3562 and 3604 levels.
This might also end up as another expiry where even the late entrant bears would not gain anything.
Given this force, tomorrow could well be a gap up day after around 3440 or higher and can also push NIFTY immediately to further highs.
Happy Trading
www.tripleint.com
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