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Nifty eod chart is indicating that it is resting at very strong support and gap as well …so possibility on spot is there to open below gap and fast recovery in minutes with positive closing at end …it is speculation …which may work today as market is extremely over sold and nifty corrected last day but long unwinding were there …so those who have closed their positions in panic will be ready to buy at lows if they will get golden entry chance…
long unwinding was spotted at option OI data …long unwinding of 786900 nifty shares …no fresh shorts means fall was not supported by traders and those who have closed their long positions in panic may enter as and when they will get better opportunity…
Trade in Nifty futures as per these levels ..
Buy at / above: 5795 Targets: 5811 – 5830 – 5849 – 5868
Stoploss : 5776
Sell at / below: 5776 Targets: 5759 – 5740 – 5722 – 5703
Stoploss : 5795
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Nifty Outlook & Trading levels for 31 July 13