Nifty today crossed the previous top and 200 day SMA both with gap up and then during the day crossed the trend line. So all bullish signs. On daily charts Nifty is forming a W pattern targets of which is around 8600. On higher side 8419 which is 89 day SMA can act as small resistance. In Options also 8400 currently has the highest OI however it is rapidly shifting to 8500 and 8600. On PE side highest OI is at 8000 but 8300 also has OI of more then 47 lakh shares and 8200 PE has OI of 56 lakh shares. So 8300 and 8200 should act as support. Technically 8280-8300 should act as good support.
Disclosure: I am not a SEBI certified analyst so please take your own decision before acting on this call. Further i myself do not trade in Nifty Futures.
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