Nifty

D-Day for Nifty Tomorrow

Nifty has been trading in strict range of trade since last few sessions and volatility has ended traders into confused zone. But now tomorrow is a D-Day for the Nifty deciding May expiry future. As we all can mark in the attached chart, Index has been taking support at 7690 level which is trend line support of the line stretched by connecting Highs of Nifty since 9119. Line had been acting as a strong resistance prior to recent rally for almost one year but now, as it is said, it has changed its role to support line. On the upside 200 day SMA which is now at 7777 is acting as strong resistance and bulls are finding it difficult to catch up momentum above the same level. Indicators on Daily charts are in middle of the road so all depends on the range breakout tomorrow. Looking at Open Interest, 7700 Puts is still witnessing write-off which makes us little biased in favor of bull but on other side Banking stocks are not supporting small rallies during intraday. So all confusion has ended up the day with a Doji today, making it D-Day for Nifty Tomorrow. Fingers Crossed!!!

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