Nifty - Halted at previous life time high
If we look at the past two days, the NIFTY has risen 1012 points and has closed near its previous lifetime high.
The markets are poised again at a critical juncture as any move beyond 14750 will show a fresh breakout for the markets.
If we look at the weekly options data, the level of 14700 has shown significant call writing.
However, the maximum Call OI still stands at 15000. This means that if the NIFTY is able to move past 14700-14750 zone and stays above that, it will open up some more incremental upsides for itself.
In the same breath, we will also need to keep a close eye on sharp improvement in the relative strength of US Dollar Index and Treasury Bonds.
Today will see the levels of 14750 and 14830 playing out as immediate resistance points. The supports come in at 14560 and 14500 levels.