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Nifty

Yesterday Nifty witnessed an ‘Inside Bar’ formation within the ongoing cluster of narrow ranged bodies. It continues to face profit bookingathigher levels but maintains its closing above its 5 DEMA support level of 23480. The consecutive occurrence of narrow ranged candlestickbodieswarrant caution at higher levels with an expectation of rising volatility. Indecisiveness and lack of confidence are indicated by therepeatedrecurrence of "Doji" formations. A clear breakthrough over 23560, however, would trigger some momentum play & help the index scaletowards23900. The 23280 level is currently the best place to assess the continuation of the bullish trend, while a sustained rise over 23560mayencounter additional hurdles as well. For this series, options data shows a confident writing base around 23000 and a strong upper boundat24000. Weekly options data for today indicates an immediate range of 23400–23600 with 23500 being the probable expiry zone. Tradersmayutilise intraday dips to add longs until 23280 holds; while aggressive longs may be opted only once the index registers a firmcloseabove23560,for traders to pursue breakout moves towards 23900.

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