NIFTY

nifty, originally uploaded by sdeesai.

NIFTY
As written in the last post about nifty the positive break out on the Twiggs money flow index has the index has made a fresh 52 week high and today touched 5400.
Going forward one will have to watch the trend line on the Twiggs money flow index which if broken will signal some weakness and also if fresh momentum is required the indicator will have to make a new high.
The support for nifty is at 5320-5290 below which nifty will become weak for the short term. The resistance is at 5400
NIFTY OI DATA
5400 CALL have 66 lac OI which means nifty will face resistance there, at the same time though 5300 puts have a massive 75 lac OI which means rock solid support in the 5320-5290 mark.
For short term traders the best area to consider buying is near 5300-5290 level with SL below 5280-70 and target of 5400. The same is the area best for short term longs in stocks with individual SL.