As we had expected nifty opened strongly with a gap up yesterday. The day’s high created at the opening became a formidable resistance for nifty. Nifty tested the day’s high resistance once and not succeeding to break it, the nifty fell in a unidirectional fashion to close at the day’s low. As we had anticipated there were intraday volatility and surprises which are part of expiry week drama.
US market closed almost mixedly flat. Asian markets also have opened and trading mixed. Nifty is expected to open flat to mild positive. Intraday volatility and surprises may be anticipated for the day as this being the expiry week.
On the upper side nifty may find resistance near 2748 or 2841 levels. Similarly on the lower side support exists near 2599 or 2544 levels. It is to be noted that as tomorrow being the expiry day nifty will be entirely under the control of operators who can move and take nifty anywhere they want in the charts.
Happy Trading !
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