We had strong IIP data at 17.6 % in April which will add inflationary pressures and may prompt the Reserve Bank to tighten money supply ahead of its monetary review scheduled for next month and now nifty seems to have multiple resistance above 5100 which will give very narrow range of trading the major resistance shall be now at 5150 levels which is marked with pink color on upside above which nifty has tgt of 5180 – 5212
Now for Monday it seems from the closing that nifty might open flat opening is expected near 5100 levels below which nifty can drift down to 5064 – 5041 – 5004 levels with stoploss of 5116 above which nifty shall be strong with upward targets of 5153 – 5176 – 5213 levels
Today FII are net buyers while DII are net seller in cash segment
Most active CE is 5100 – 5200 whille PE is 5100 – 5000 which indicates 5100 to act as major support and below which is 5000 while 5200 shall act as resistance.
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