In earlier post of Nifty Expiry view expected that it may end up June series in the range of 8330-8340 and in line with the expectation the darling closed the series at 8381. June series witnessed quite a wild move as the darling showed a very sharp recovery from 7940 and finally closed the series at 8381. So again 7940-7960 areas has emerged as a very strong support for the Index.
Nifty has now captured its short term moving averages i.e 20 & 50 DMA and now dancing around its 200 DMA. In sessions ahead a very tough fight for 200 DMA is expected between Bears and Bulls . On a daily chart 8425-8430 area is the immediate resistance zone above which bulls are expected to have upper hand. On the other hand 8230-8210 area is the strong support zone for the Nifty. On a weekly chart the darling witnessed gap up opening and captured its 50 WMA and found resistance around its 20 WMA. Weekly close above 8475 may prove very dangerous for the bears above which 8630-8660 levels can be expected. 8190-8225 area is the strong support zone as far as weekly levels are concerned.
So as of now it is very difficult to form a very clear view on the darling. Traders can wait and watch for couple of sessions before trading any positional view on the darling.
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