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What the markets did last week ?
Last week saw markets remain in the tight range as indicated and closed the week with a small gain of 0.24% at 5452 levels.
What does the options data indicate ?
Options data towards the end of the week saw huge increase in open interest in the near strike puts and also saw unwinding in 5400 calls with mild accumulation in 5500 and 5600 calls.
What can be expected this week ?
Option data indicates bullishness in the beginning of the week and a move above 5500 levels can be expected soon.
5523 level was left untested last week and this could be done in the initial sessions in this week.
How to trade for the week?
An upmove is expected in the first few sessions towards 5523 levels and stay in long till that is reached.
Weekly resistance levels : 5496, 5523, 5545
Weekly support levels : 5447, 5401, 5368
Rajesh Ganesh
1 comment:
Weekly target of 5523 achieved !
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