It's
a quiet expiry session with the Nifty ending around 5900.Nifty opened above 5900 but could not
sustain it till the end .Today nifty made a high of 5911 and a low of 5872. Unless the Nifty moves above the supply range between
5880 and 5900, the bearish undertone will remain. Analyzing the F&O
statistics it appears that quite a few stocks that went up on Monday did so on
short covering and there are also good number cases of bull liquidation as well
as fresh short build up however, no significant long position build up in
pivotal counters could be found....
Thus, the sustained campaign to hold the index above 5850-mark looks a little suspect unless, of course, we see strong follow on buying that takes the market up beyond the Nifty level of 5875 firmly. If this does not happen the threat of a fall continues to be there .On the way up, above 5875, resistance is likely again around 5910 hurdle for the bulls. As and when the Nifty takes out the final supply zone between 5940 and 5970, we can expect 6000 or higher levels for the index getting scaled.
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Thus, the sustained campaign to hold the index above 5850-mark looks a little suspect unless, of course, we see strong follow on buying that takes the market up beyond the Nifty level of 5875 firmly. If this does not happen the threat of a fall continues to be there .On the way up, above 5875, resistance is likely again around 5910 hurdle for the bulls. As and when the Nifty takes out the final supply zone between 5940 and 5970, we can expect 6000 or higher levels for the index getting scaled.
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RESISTANCE:5880 5900, 5940
SUPPORT :5850, 5830,
5800
