Nifty futures closed with a negative bias for the third day in this week indicating indecisiveness in the market. This probably lead to nifty futures reaching a low of 10640 before resuming any uptrend. Yesterday it has closed at 10764, 20 points below April month close. This signifies nifty shying away from monthly high. Reaching 10640 is very much on the cards.
Bank Nifty spot likely to settle near 26050 today as the fall from 26400 to 26200 clearly signals that all calls above 26400 would go worthless. The unwinding of Puts above 26400 yesterday arrests any up move.
Nifty range : 10640-10800.
Bank Nifty range : 26050-26375
Happy Trading!
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