Nifty Outlook By Epic Research

Nifty takes support at 20 DMA and reverses to form a piercing pattern. Nifty has been taking support at 11800 since last week of May and is sustaining the same level on closing basis. This has been so as it is consolidating between 11800 – 12050.

Since it was weekly expiry, clueless Nifty, saw writing at 11800 – 12000 strikes and writers were eating the premium amid low volatility. We believe this would be the range going forward as the monthly expiry derivatives data also points to 11800 – 12000 as a range. On the higher side we are seeing concentration at 12100 – 12200 while on the lower side we believe 11800 to be intermediate support.

One should remain long with 11800 as support on closing basis. An upmove can be seen to 12050 – 12100 in coming days.

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