Nifty has been dancing around 200 EMA since Mid-April. There is some strong resistance above the 9300-9400 level. On the downside, there is no support for nifty except for a positive 50% Fibonacci level.
Nifty might only move out of range after may expiry. As it did in April. Volatility is low for now. If VIX stays below 36/38 nifty will be in a range of 300-500 points.
Nifty has some trend lines to cross before giving a big down move.
On the upside 200 EMA & red line is the resistance.
Trade carefully.
Nifty might only move out of range after may expiry. As it did in April. Volatility is low for now. If VIX stays below 36/38 nifty will be in a range of 300-500 points.
Nifty has some trend lines to cross before giving a big down move.
On the upside 200 EMA & red line is the resistance.
Trade carefully.