Karan Pai of GEPL Capital says that if we look at the Nifty, it can be seen trading in a large range of 14,500-15,000.
On the weekly time frame, the Nifty has managed to recover above the 20-week SMA after a bounce back from the swing low of 14,151 on 22 April. If you look at the open interest of options (6 May 2021 expiry), there is a huge participation in 14,500 puts. At the same time, on the call side, there are good purchases in 15,000 calls.
If you look at the Nifty, it can be seen trading in a large range of 14,500-15,000. Looking at the key technical indicators, the RSI (Relative Strength Index) based on the daily and weekly time frames can be seen moving upwards with the rise in prices, indicating a bullish momentum in the trend.
Further, 15,000-15,050 will act as important registrations for the Nifty. If the Nifty breaks the level of 150050, then we can easily see the level of 15,292-15,300 in it. At the same time, there is a need to monitor 14624 (20-Day SMA) in the Nifty. If the Nifty slips below this, then we can see a level of 14,330 and then 14151.
To conclude, the Nifty is seeing support around 14,151 and it is moving upwards. 15,000–15,050 levels have to be monitored for the offsite. If this level is broken, then we can see the Nifty moving 15,292-15,300 but if the Nifty moves downwards, after 14624 we can see the level of 14330.
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