What will be next destination for nifty?

Nifty is trading in a range between 5480-5600 with positive bios, and it has a immediate resistance around 5600-5610 area, and making inverse head and shoulder type formation on daily chart and 5610 zone is neck line resistance as per this formation and 5565 is it's 50 DMA that is itself a resistance and nifty is struggling to hold this level from last 2 trading days a closing above 5565-70 will be another confirmation for a breakout above 5610, and once if nifty manage to hold above 5610 zones then it will fly for 5880-5900 in near term. For this view trader can use 5450 as a potential support on daily closing basis and that can act as good stop loss for bulls. All in all technically nifty is looking good to buy at these levels for targeting around 5700- 5900 in near term.

Note: this analysis report is based on spot nifty daily chart.

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Will Exhaustion Gap Halt the Down Trend in Nifty?

In this video we have explained what NIFTY is likely to do in next few sessions.

Nifty Options Weekly Expiry; MAX PAIN stands at 13400

#NIFTY #INDEX currently trading at 13438, down by 90 from previous close. Today index has opened gap down and taken out the low placed yesterday at 13449 triggering primary weakness in market for the day. Immediate support is now placed at 13390, retest to this level can’t be ruled out but stability below 13390 will result in to further weakness and then attempt towards 13350-13310 zones can’t be ruled out. Key support will be at 13300 and further stability below that level will bring more weakness. Resistance is now placed at day high which stands at 13488, any sustained move (Less likely) above that level will bring some relief to bulls and then attempt towards 13540-13590 can be seen. On #option_chain heavy #call_writing is being done at 13500-13600 strikes where as short covering is visible in 13450 and 13500 puts whereas longs build up seen in 13400 puts with high volume. Based on current #OI position level of #option_pain stands at 13400 thus based on current data at 10:52AM...

LET THE MARKET TELL WHO WE ARE

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