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Nifty

Nifty closed below its 5-day moving average and is near to its 20-day moving average. Nifty has made double toparound22,800on the daily scale. Momentum oscillator RSI_14 is around 52 showing neutral trend while major trend reversal is onlypossiblebelow 22050 which is the support according to rising trend line taken from the lows of 21,127 and 21,850. Accordingtoopeninterest, there is increase in CE options from strike price 22,500 to 22,700 indicating resistance zone while increaseinPEOI from22,200 to 22,000 indicates strong support. Traders are advised to remain selective while deploying any either sidetradesaslongas Nifty is oscillating in the range of 22,000-23,000. Leverage positions should be avoided until clarity emerges onthedailyscale.

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