As mentioned at the start of the November series, this month seems to be a range-bound month as far as Nifty is concerned, between 5950 and 6300.
Nifty seems to have bottomed out for the short term at 5972, but there are resistances near 6140-50 and then 6200-6220.
This view is also supported by the PCR charts, which show a very strong support near 5900-5950 and the support at 6000 is still not very strong.
The PCR at 6100 strike price will provide the hint as regards the way Nifty will move forward. The upmove can gather steam only if the PCR at 6100 moves above 1.25.
This upmove can be halted by supports for the 6100 PE in the range 55-65 and then between 35 - 40.
Nifty seems to have bottomed out for the short term at 5972, but there are resistances near 6140-50 and then 6200-6220.
This view is also supported by the PCR charts, which show a very strong support near 5900-5950 and the support at 6000 is still not very strong.
The PCR at 6100 strike price will provide the hint as regards the way Nifty will move forward. The upmove can gather steam only if the PCR at 6100 moves above 1.25.
This upmove can be halted by supports for the 6100 PE in the range 55-65 and then between 35 - 40.
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