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The Nifty50 which reclaimed its crucial psychological resistance level of 10,600 made a bullish candle on the daily charts on Thursday. The index took support at its 5-days exponential moving average (DEMA) for the third day in a row.
However, Nifty witnessed selling pressure around its crucial resistance level of 10630-10640. Hence, for bulls to regain control of D-Street, a close above 10640 is required which would open fresh target towards 10900 in May series, suggest experts.
Option data suggests an immediate trading range in between 10500 to 10700 and traders are advised to remain on the long side. Level of 10500 will act as crucial support for the index. Investors should keep a trailing stop loss below 10,530 for long positions.
On the option front, for the May series option data scattered at various strike prices since it’s the beginning of new series. Maximum Put OI is at 10500 followed by 10400 strikes while maximum Call OI is at 11000 followed by 10800 strikes.
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