NIFTY daily

NIFTY daily chart view.
In the immediate short term the resistance is at 4650-4700 and it can prove to be a huge headache to the bulls. the immediate short term support is at 4400-4390 a important factor is that the volume is not as high as it was when nifty went to 4700 previously a fact which should act as caution against buying into the rally all at once, infact in my personal opinion maybe the time is ripe to take at least some profits off one’s portfolio.
NIFTY OI data
Though quite early in the series, what’s important to note is that 4700 CE has 31 lac open positions and above 4700 calls have no significant OI which indicates that 4700 is a strong resistance and above 4700-4800 nifty will get a new strength. ON the down side 4400-4500 puts have good OI indicating supports there.