Nifty faced resistance near 5640 level and fell to 5593 level in last session and took support there. Nifty will face resistance around its 38.2% retracment level which is at 5651. Nifty gap on hourly chart is at 5662. These level will act as hurdle for nifty for monday session. Nifty daily slow stochastic is trying to be oversold very soon which is indicating less strength in the market. Domestic bad news is in favor of bears but global bullish impact may push nifty up. 5662 level should act as Laxshaman Rekha and it will be trenddeciding level also. Positional trader may take fresh entry on the long side only closing above 5662. On the down side long term trendline has come to 5575 level now. Any break of this level Nifty may drag to 200 day moving area which is at 5328 now. Nifty may give gap up opening and traders should be alert at 5662 level.
Nifty highest open interest standing in 5500 put option at 8423150, and in the call side 5700 call has highest open interest at 8768900 which is indicating base and maximum stretch in the market for current series further. Any major change in open interest may change the direction of Nifty. bullish flag pattern indicating possible upmove is waiting in our indian market.
