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Nifty

Nifty pulling itself back within its prior oscillation range is not a good sign for momentum strength. The latest GAP at 21950 zone now becomes a significant resistance zone for the rest of the series while support cluster on a weekly basis remains around 21500. Options data indicates a wider range of 21800-21000 for the rest of the series. While immediate significant support cluster is placed around 21300. A sustained weekly close or a consecutive closing on its daily basis below 21530 would mark the failure of the recent up move which would lead to further price correction. Significant call writing from 21600 & 21700 warrants caution for any pullback trades to sustain hence for traders its ideal to refrain from any bottom reversal trades during the day & deploy stock specific trades while investors should review their folios & wait for opportunities to add longs once the price action stabilizes. For the day expect oscillating moves within the broad range of 21600-21300 with regular bouts of volatility which will present either side trading opportunities

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