NIFTY TODAY OPENED FLAT AND TRADED WITH NEGATIVE BIAS IN EARLY TRADES AND KISSED A CRUCIAL SUPPORT AREA AT 5910 MARK. DURING LAST HOUR IT TRIED TO TRIM LOSSES BUT FAILED AND FINALLY MANAGED TO CLOSE AT 5939. IT IS CLEARLY VISIBLE THAT ON A DAILY CHART NIFTY IS FORMING H&S PATTERN AND FINDING GOOD SUPPORT AROUND IT NECKLINE AREA OF 5910. AS PER OPTION CHAIN STILL 5900 PE IS HAVING HIGHEST OI . LIQUIDATION IS SEEN IN 6000 PE AND OI WAS BUILT UP 6000 CE. THOUGH THE DIFFERENCE OF TOTAL OI AT 6000 CE AND 6000 PE IS NEGLIGIBLE. CONSIDERING THE OPTIONS DATA AND OVERSOLD POSITION IN CERTAIN INDEX MAJORS NIFTY MAY CONSOLIDATE IN A RANGE OF 5900-6000 OR WE MIGHT WITNESS TECHNICAL BOUNCE BACK FROM HERE.
SUPPORT 5910-5880
RESISTANCE 5980-6011
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