Brokers view

The markets opened slightly weak in the morning yesterday
but recovered immediately and continued its northward
journey throughout the day. The Nifty futures were however,
not able to keep pace with the spot and the discount increased
further in Nifty futures indicating sluggishness in the rally. The
Put call ratio of open interest has increased slightly due to
increased addition in put options in comparison with call
options. The market is expected to open on a positive note
today. Traders are advised to trade long if Nifty is able to
sustain abov e 2470 levels for targets of 2485 and 2500. On the
other hand if Nifty is unable to sustain above 2445-2450 levels
then we might see the index slipping till 2430-2435 levels.
Traders can also contemplate trading short from around 2500
levels with a stop loss placed above 2505.
The supports for Nifty are placed at 2455, 2445 and 2430 levels
while the resistances are placed at 2470, 2485 and 2505 levels.


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