NIFTY WITNESSED GAP DOWN OPENING AND INTENSE SELLING PRESSURE WAS SEEN IN MARKETS TODAY DUE TO GLOBAL NEWS PLUS POOR SBIN NUMBERS. WE WERE BULLISH ON THE MARKETS UNTIL 5974 WAS IN TACT ON CLOSING BASIS HOWEVER THE SAME LEVEL HAS NOW BEEN BROKEN ON CLOSING BASIS. OPTION CHAIN SUGGESTS BEARS TOOK COMPLETE CONTROL OF 6100 MARK. BULLS WERE FORCED TO COVER THEIR SHORTS AT 6000 AND 6100 CE. 5900 PE IS STILL HAVING HIGHEST OI SUGGESTING NEXT MAJOR SUPPORT FOR NIFTY. VIX CLOSED ABOVE 18. SO AS WE ARE APPROACHING NEAR MAY EXPIRY WITH VIX ABOVE 18 MARKETS MAY SHOW WILD VOLATILE MOVES IN SESSIONS AHEAD.
SUPPORT 5930-5880
RESISTANCE 5992-6016
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