Thursday session would be witnessing the weekly options expiry playing out throughout the day. Nifty 11000 level continues to highest achievable level followed by 10,800 levels. The likely resistance points would be 10,700 and 10,800.
Calculating all conditions, the opening level would be very significant as volatility surged for the first time in the past several sessions, as India VIX rose by 3.97 per cent to 23.10 per cent.
Thursday’s session might witness a soft start of Nifty with 10,765 and 10,820 levels working as a hurdle while the support coming in 10,610 and 10,515 points.
Overview, Nifty has successfully scored a top position in between 10,800 – 10,850 levels with no sustainable up move happening until the index is forced to move past this zone. Currently the 200-DMA, 10,884 level remains a major resistance for Nifty 50.
It is being recommended to avoid any fresh long positions. Stick to buy a limited specific stock. There is a high probability of all moving up, it that happens might see selling at higher levels.
A cautious approach is advisable to all traders as Nifty remains highly vulnerable.