Nifty was facing resistance at 5150 level so far. Amid the European debit crises markets are choppier. Nifty is in the range of 5000 to 5150 from last couple of trading days. So many gaps are occurred near 5100 level in hourly chart of Nifty, which means Nifty has made a strong resistance area around 5100 to 5100 for it. There are not any strong triggers from International markets to lift Nifty upside and breach 5150 level in few days. U.S. markets were trading mix on Thursday night while Asian markets are flat. 5100 and 52000 strike rate’s calls have added more shorts in Nifty option. Momentum indicators are on its support but negative crossover in simple moving average lines mark weakness in Nifty. Avoid buying in Nifty at this level. Trade only selected stocks at this level.
