Nifty continues the upward move as there is no respite for bears in near term on the back of higher rollver and fresh buying in next month contracts. A follow up buying was observed with a long green candle making a new all time high of 10355.65 and a strong close was also observed at 10343.8.
As monthly expiry today, A lot of stocks added rollover as much as 85-90% while Bank Nifty saw some mild profit booking. PSU Banks continue to extend gains for secon day post historic reform announced.
As per derivatives data, A higher rollover data was observed as compared to below average data of previous months. An upbeat sentiments in market with major heavyweights of sector like RIL, SBI, ICICI, LT ITC, Maruti, Ultratech in bullish move has also risen the upward trajectory for coming months.
Since Market is in uncharted territory it will be harder for short term players to determine the upside resistances. An expansion in present range has been seen as per OI data with active range be 10400 to 10200. Any dips in this market should be utilized for upward move while trailing stoploss should be shifted to 10190 levels. This is immediate support if broken then may trigger further profit booking.
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