Midnifty Intraday Analysis for 6th May 2024
Updated
NIFTY_MID_SELECT Maximum Call writing of 23.50 Lakh is at 11200 strike followed by 23.11 Lakh at 11100 Strike and 19.09 Lakh at 11150 strike and Put writing of 16.21 Lakh at 11000 Strike followed by 14.89 Lakh at 11100 Strike and 12.45LLakh at 10900 strike. Index is closed near 11060 level.
Index fell on Friday (03-05-2024) on rumour about increase in Capital Gains Tax which was clarified by FM that Government has no plan to change in Capital Gains Tax. Index has strong support near 11000 - 10950 level and less likely to go below 10900 level.
Index may reach near 11200 level and face resistance near it as the maximum Call writing is at 11200 strike and less likely to close above 11200 level on the expiry day on Monday (06-05-2024).
Note
Index could not sustain above 11100 level and traded in very narrow range throughout day.
Disclaimer: Above discussion is not a Buy or Sell recommendation. This is only for educational purpose.
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