Last Friday Nifty opened with a strong positive note at 16273 & day’s high was almost same at 16275. Intraday basis low was 16158 maintaining a small gap of 8 points the index managed to trade in green note and closed the session at 16220 up by 88 points day to day basis. Though Nifty continued the upside rally for 3rd consecutive day but Friday’s Closing is lower than Opening.
As last week after 470 points closing basis gain, met & crossed all important weekly hurdles & even closed above crucial mark 16180/200 so Short term basis market picture is positive but slightly overbought & for that reason chances of range bound activity cannot be ruled out for coming session.
If Nifty crosses last week’s high of 16275 & stays above 16300+ then it can head towards 16400 & extended basis 16500 too in the short term but in case Nifty bulls fails to hold above 16200 will allow a dip towards 16050-16000 . Traders should focus on dips better.
Intraday basis :-
On the upside :- Positive above 16236 then 1st Resistance 16278 -2nd 16320 & 3rd 16362 .
Intraday basis difficult to cross 16400+
On the downside :- Negative below 16200 then 1st support 16160 & then major 16116. Strong support intraday basis 16089-16046.
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