Nifty did fall back into the range on friday and bulls are back in control though could not push markets to a point of engulfing the previous bearish day.
With 5300 put OI growing to 93 Lakhs, 5200 put growing to 97 lakhs and 5400 call seeing some unwinding, OI ruling at 71 Lakhs, it gives an indication that bulls will be able to break the 5400 barrier and move on to test 5440 levels early this week.
We have already seen 9 consecutive weekly gains. The put options are expected to change from weak hands to strong hands once the target of 5440 is reached and a correction is expected in the later part of the week .
The levels to watch out for the week are
Resistance levels : 5406, 5440 and Support levels : 5302, 5285, 5206
The key levels to watch out for the day are
Resistance levels : 5384, 5406, 5440
Support levels : 5355, 5335, 5302
Happy Trading
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