Om Namashivaya :
Since last 6 trading days we are seeing market going up on one day and down on other day. FII's were sellers of 112 crores where as DII's have bought of 8 crores on 24th. I do not expect to many moves in Nifty as we are at fag end of the year, but we can see stock specific moves.
I dont want to give prolonged explanation as I feel not much is required as we are at fag end of the year. What I want to say is 7880 should be taken out for 7940 and 7980 and 8020 on the other side 7820, 7770 and 7700 levels should be looked after. Nifty now above 20 MA and below 50 MA which is at 7930 levels and I feel that area is key.
Option data is indicating closing between 7850 and 7950 and let us wait and watch. We are seeing similar pattern in BankNifty, but what is key is 16700 is holding and on the higher side 17000 will as resistance.
For the day as indicated we could open flat and I dont see big moves today and feel 7880 as resistance and 7840 as support.
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