As we had expected nifty opened mild positive with a small gap up yesterday. Hope you people experienced yet another volatile and surprise move in nifty. In the first half of the session nifty was trading sideways with ups and downs and in the second half it has not failed to give surprise. Yesterday the surprise was on the positive side unlike Tuesday where the surprise was on the downside. At last nifty closed close to the day’s high and very close to our mentioned resistance level of 2748.
With US market closed on Thursday and Friday, it closed strongly on Wednesday with its indices are almost 3-5% up. Asian markets also have opened and trading positive. Nifty is expected to open flat to mild positive. As today is the expiry day intraday volatility and surprises may be anticipated for the day.
On the upper side nifty may find resistance near 2795 or 2839 levels. Similarly on the lower side support exists near 2641 or 2560 levels. As nifty has closed very close to the crucial resistance level yesterday we have to see whether it could sustain above it. With US market closed for the next two days we have to see how nifty pan out once expiry is over today.
Happy Trading !
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