Recovery post 5480 gathers strength on Thursday - IIFL

The recovery post 5,480 gathered strength on Thursday as Nifty inched higher with support from the global markets. Also an appearance of a 'Hammer' candlestick suggest a reversal in trend, but a higher opening is required above 5,610 in order to sustain recent pullback. Currently, Nifty is placed at resistance of falling trendline and only a close above 5,650 would confirm a trend reversal from near term downtrend.

Sensex April future which shed 570 contracts in open interest has seen unwinding.

On option front, Sensex Apr 18,600 strike call which added 465 contracts in open interest has seen some buying, while put writing was seen at Apr 18,200 strike which added 1590 contracts in open interest.

Source : Equity Bulls

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