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The
Nifty started the week strongly, rising more than half a percent on May 29 to
18599. It followed positive Asian signals after the preliminary agreement on
the US debt ceiling and a new high for the domestic banking index. All sectors,
apart from information technology and oil & gas, the index supported the
daily high of 18641, also its highest level this calendar year. After opening
above 18600, the index ranged between 50 and 60 points. It closed 99 points
higher at 18599 and formed a doji candle on the daily chart, indicating
indecisiveness between the bulls and bears. However, the mood remains positive.
The Nifty is nearing 18650-187750 and possibly 18,887, its December all-time
high, though not without some consolidation, experts say. Support on the
downside has emerged at 18,400 level. After a
long-awaited period, the Nifty bank is now breaking new ground. We expect the
Nifty index to follow suit, testing the all-time high of 18,887 and possibly
even higher in the near future. The recent sharp price advance that has caused
short-term indicators to enter the overbought zone and subdued intraday moves
may slow the Nifty's advance. It would be prudent to use downturns to go long
and take profits at higher levels. The resistance around 18400-18200 will now
serve as support, while the 18800-18,900 area will serve as immediate
resistance. On the options up front, the maximum open call interest was at
18800 strikes, followed by 18700 and 18600 strikes, with sensible ones Call
writing on similar strikes in a similar order. On the put side, the maximum
open interest was 18400 strikes, followed by 18300 strikes and 18200 strikes. with writing at 18700 strikes, then 18600 strikes. The data shows
that 18600-18800 is likely to be the resistance zone and 18500-18300 support
zone for the index. Bank Nifty opened a gap to the upside at 44,277 and
extended gains to hit a fresh intraday high of 44,483 but then consolidated in
a tight 150 point range. It closed 294 points higher to a new closing high of
44,312. The index formed a bullish small-bodied candle with a long upper shadow
on the daily scale, suggesting profit-taking at higher levels. Now it needs to
continue holding above the 44150 level to make an upward move towards 44,500
and then a new life high of 44,750 while on the downside support is expected at
44150 and then 44,000. India VIX, the volatility indicator, rose 3.34% to 12.30 from 11.90.
Resistance: 18600, 18700, 18800
Support: 18500, 18400, 18300
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