OI in Nifty futures pretty high today due to expiry and as expected, with 2 closes below 5169, Nifty went into retesting 5032-5092 band. Bulls must ensure that 5032 is retained on closing basis or else Nifty is near certain to take a steep cut of another 144 odd points. Also tomorrow being the weekly close, this level has more significance
Short covering can take Nifty upto 5169 but strength only after it closes above it for 2 consecutive sessions
Illustrative Charts for reference
Short covering can take Nifty upto 5169 but strength only after it closes above it for 2 consecutive sessions
Illustrative Charts for reference
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