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Resistance for the Nifty is placed at 10638 level which is an intermediate top on the daily chart.During the last week, the Nifty managed to hold above its 200-DMA support, which is currently placed at 10140 odd levels. The 200-DMA support also coincides with the support of the upward sloping trend line adjoining the bottoms of 30th June 2017 and 29th Sep 2017.
Therefore, the significance of 10140 levels as a support is very high. We have seen long build up in the Nifty and Bank Nifty Futures’ during the last session, where Open Interest rose above 2 percent (Prov) and 11 percent (Prov) respectively with Nifty and Bank Nifty rising by 1.9 percent and 1.5 percent respectively.
Moreover, a rise in the Put-Call ratio (PCR) on Monday was backed by aggressive Put writing at 10300-10400 strikes coupled with the foreign institutional investors (FIIs’) buying in the Index Futures’, and Stock Futures’ during the last week which indicates that downside is now limited.
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