Nifty Analysis and Expert Prediction

INDORE, India - April 15, 2016 - PRLog -- The Nifty 50-share opened with a breakaway gap and crossed its falling trend line of last one year.The bulls kept the momentum on Dalal Street with Nifty50 reclaiming its crucial resistance level of 7,850 on Wednesday.

The trend for half of April month remains bullish and traders or investors should deploy buy on dips strategy in case market consolidates in higher levels.

The Nifty50 daily charts is looking bullish as experts say and the index has been making lower highs since 4th March,2015 and thus formed a downward sloping trendline on daily charts.

Expert said that,Nifty has crossed the crucial hurdle at the 7,777 level,which is the 61.80% retracement of the recent decline from 8,336 to 6,825 levels.

Also expert expect that Nifty uptrend to continue and see its scaling towards 8,300 levels,provided the index crosses 8,050 levels,where it may find some resistance.

Expert advice to investors to buy Nifty 8,000 May call options,given 7,850 remains as support level for the index.

On Wednesday to 45 lakhs shares Nifty 8,100 call options witnessed a massive 34.28% surge in open interest and the maximum index call option  build-up is at 8,000 strike.

As Nifty is seen moving higher,Traders can gain confidence from fact that support base.The index maximum put option concentration is at 7,500 strike with 48 lakh shares in outstanding positions,which suggests that Nifty may find support around this levels in the immediate term according to analysts.

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