Closing above 15,050 level may boost Nifty to a high of 15,400, says Anil Singhvi

After a good show by the Indian stock markets on Monday, Zee Business Managing Editor Anil Singhvi on Tuesday said that 14,800 has emerged as a strong base. The Market Guru said that intraday and closing stop-loss would be 14,800 and on the upper side, 15,000-mark is crucial.  

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"Weekly series that is to expire on 15,000-level on Thursday, has highest open interest in Calls and the monthly series, which will expire at May end, on the same level also has highest open interest. This is a big level. Interestingly in both expiries, highest open interest is at the same level. If the market manages to breach this level and closes at 15,050, not only weekly short covering will come, but monthly expiry call writers will also begin short covering. Short covering can come both ways as this a big psychological level," said Zee Business Managing Editor.

He said since there is highest open interest on 15,000 calls on both monthly and weekly expiry, short covering will very much likely take Nifty to 15,200 first and 15,400 later.  
 

15050 की क्लोजिंग पर शॉर्ट कवरिंग से निफ्टी 15400-15500 तक जाएगा...

ना सिर्फ वीकली बल्कि मंथली एक्सपायरी वाले कॉल राइटर्स की शॉर्ट कवरिंग आएगी- अनिल सिंघवी#EditorsTake #Nifty #NSE #StockMarket @AnilSinghvi_ pic.twitter.com/WWXbIt375q

— Zee Business (@ZeeBusiness) May 18, 2021

"if Nifty closes above 15, 050 or even 14,900, the trend will be on upper side," added Anil Singhvi.