No doubt, Nifty is in uptrend but the kind of upheaval which is taking in Parliament due to coalgatescam, one need to be cautious because in case govt buckles under pressure and withdraw coal blocks allotment; than we are going to see Nifty breaking down.
The first signal for downward trend will be visible as and when Nifty breaks the level of 5300 else we are heading for 5500 level as analysis of option data suggests the same as highest open interest data build up is being seen at that level and same is going to act as a stiff resistance. Now is the time to act and make use of the daily sure stock of the day to make money like real expert traders.
Another analysis which comes to fore is that 5300 is also going to be a rock solid support as it is seeing the highest open interest built up. So we see that analysis of options data do provide us crucial information which can yield great results.
Support and Resistances for the Day
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Strong future shares at National stock exchange
MTNL, Tech Mahindra, Apollo Tyre, MC Dowell, Hind Uni Lvr, Ranbaxy, India Cement, GSPL, SRE Infra & Hind Zinc
Weak future stocks at NSE
S Kumars, Opto Circuits, Bharti Artl, BEML, GMR Infra, Jain Irrigation, R Power, Ibrealest, Patel Eng & Praj Ind.
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