Nifty Analysis : 28 May 2019

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Hello Friends,

Today, Nifty opened at 11957 which is exactly at same level of yesterday's high.
After opening immediately faced selling pressure and during the day it touched low of 11865.20.
During last one hour, it managed to recover from low & closed at 11928.
Today's movement has formed Hanging Man candle stick pattern on daily chart.

As mentioned in yesterday's analysis, Nifty could not crossed 11960 on the upside.



Options data  shows more than 3 lakh call writing at 12000 & 11900 strike price. This will act as resistance levels.
Maximum Put open interest is at 11700 strike price. This will act as a important support level for the May expiry series.

For coming trading session, If Nifty slips below 11860 then more selling pressure can be seen towards it's support levels.
It will be good to avoid long position unless we see breakout above 12045 levels

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Disclaimer: I am not SEBI Registered analyst. All above analysis are just for study purpose.
I am not responsible for any gain or loss arising out of trades taken based on the study shared above.
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