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Bears continue to hold Nifty below 200 DMA after the expiry week...
The expiry week was predicted to be more of bearish than bullish and the last two sessions saw Nifty correcting heavily and closing at month's low for the January series. On friday last the down move continued and bears pushed markets well below the 200 DMA of 5620 levels.
Market is still under bearish influence in the short term and might test the levels of 5373 which would offer some support and then see a bounce again towards the 200 DMA levels. Overall there might be consolidation around the levels of 200 DMA for quite sometime before market can take further direction.
Option data is slowly witnessing increase in open interest in both the near strike puts and calls, with 5400 put having the maximum around 76 lakhs. The volume PCR is swinging around levels of 1 indicating a neutral stance.
If 5373 level is left untested and market goes for a bounce, then there might be heavy corrections in the short term on each up move. Overall it is a buy on test of 5354 levels and a sell around 5649 levels.
Resistance levels : 5559, 5616, 5649
Support levels : 5453, 5373, 5354
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