@niftypower...how come same words in ur post? http://niftycharts.co.in/26-nov-nifty-view-www-niftypower-com/
Nifty Views from NiftyPower
- Thread starter NiftyPower
- Start date
29 Nov - Nifty View
On Tuesday, Nifty opened up above its resistance of 5655, and then made a smart rally to close near its upper resistance of 5730. As given in earlier Nifty View, Positional Traders are already in Long Positions from near 5615 levels. Some profit should be booked in these longs and Stoploss can now be modified and kept near 5650 Spot level. On the upside, there are minor resistance levels at 5755 and 5785 levels, above which, the recent high near 5815 will be the immediate resistance. On the downside, the levels of 5690 and 5650/5630 will provide support, and short term trend should be considered up as long as Nifty is closing above these levels.
The Nifty Option OI Charts are given below:
On the Options front, the Bears ran for cover on Tuesday. They covered a huge amount of 58 lacs+ OI at 5600 CE and 5700 CE strikes. This move is understandable, given that Expiry is only 1 day away, as Wednesday was a holiday. But the move from the Bulls was definitely a risky one, who added 31 lacs+ OI at 5700 PE strike. After Tuesday's move, 5700 has become the 50:50 level for Nifty. 5800 remains the major resistance for the series, while 5600 is the major support.
For Thursday, the trend for Nifty should be considered positive as long as Nifty Spot stays above 5690/5695 Spot level. Intraday traders can adopt a Buy on Dips strategy till these levels are protected. On the upside, resistance for Nifty Spot comes at 5730. Staying above this, the Bulls will take it to higher level resistances of 5755 and 5785 levels. On the downside, support for Nifty Spot comes at 5690 level. Below this, it can slide lower towards support levels of 5655/5650 and 5630 levels. The Short term trend should be considered up as long as Nifty Spot stays above 5630 level.
29 Nov - Nifty Spot resistance at 5730-5755-5785-5815. Support at 5705-5690-5655-5630
On Tuesday, Nifty opened up above its resistance of 5655, and then made a smart rally to close near its upper resistance of 5730. As given in earlier Nifty View, Positional Traders are already in Long Positions from near 5615 levels. Some profit should be booked in these longs and Stoploss can now be modified and kept near 5650 Spot level. On the upside, there are minor resistance levels at 5755 and 5785 levels, above which, the recent high near 5815 will be the immediate resistance. On the downside, the levels of 5690 and 5650/5630 will provide support, and short term trend should be considered up as long as Nifty is closing above these levels.
The Nifty Option OI Charts are given below:
On the Options front, the Bears ran for cover on Tuesday. They covered a huge amount of 58 lacs+ OI at 5600 CE and 5700 CE strikes. This move is understandable, given that Expiry is only 1 day away, as Wednesday was a holiday. But the move from the Bulls was definitely a risky one, who added 31 lacs+ OI at 5700 PE strike. After Tuesday's move, 5700 has become the 50:50 level for Nifty. 5800 remains the major resistance for the series, while 5600 is the major support.
For Thursday, the trend for Nifty should be considered positive as long as Nifty Spot stays above 5690/5695 Spot level. Intraday traders can adopt a Buy on Dips strategy till these levels are protected. On the upside, resistance for Nifty Spot comes at 5730. Staying above this, the Bulls will take it to higher level resistances of 5755 and 5785 levels. On the downside, support for Nifty Spot comes at 5690 level. Below this, it can slide lower towards support levels of 5655/5650 and 5630 levels. The Short term trend should be considered up as long as Nifty Spot stays above 5630 level.
29 Nov - Nifty Spot resistance at 5730-5755-5785-5815. Support at 5705-5690-5655-5630
3 Dec - Nifty View
On Friday, Nifty opened Gap Up, came down to fill the Gap in intraday, and then climbed up again to close near 5880 level. In the past 3 trading days, Nifty has rallied 200+ points. Positional Traders who are in Long Positions, can move their Stoploss to around 5730 Spot level. Some cooling off from the highs can be expected next week, but the short term should be considered Up as long as Nifty is trading above 5700/5730 zone. The immediate support for Nifty Spot should come at the recent breakout level of 5815 and 5790/5770 levels. Any downmove towards these levels can be used to build Long Positions in Nifty. The breakout level of 5650/5630 and below that, the Gap Support level of 5520 are now the Support Levels for considering the Medium Term Trend.
The Nifty Option OI Charts are given below:
On the Options front, the first day of the series was used to build positions by both the Bulls and the Bears. The most significant addition by the Bulls was at 5800 PE and 5900 PE strikes, where they added 22 lacs+ OI. The most significant addition by the Bears was at 6100 CE strike, where they added 9 lacs+ OI. Overall, 6000 seems like the toughest resistance as of now, with highest open interest of 60 lacs+ at 6000 CE after the first day of the series. 5700 and below are the supports.
For Monday, immediate resistance for Nifty Spot now comes at 5880/5885 level. Above this, the Bulls will again be in control, and take Nifty higher towards 5930, 5950 and 5980/5990 levels. On the downside, support for Nifty Spot comes at 5850/5860 level. Staying below this, the Bears can pull it down towards lower level supports of 5815, 5790 and 5770. On Intraday basis, traders can use declines towards 5815 Spot level to Buy Nifty. Below 5815, the Bears will dominate.
3 Dec - Nifty Spot resistance at 5885-5930-5950-5985. Support at 5855-5830-5815-5790
On Friday, Nifty opened Gap Up, came down to fill the Gap in intraday, and then climbed up again to close near 5880 level. In the past 3 trading days, Nifty has rallied 200+ points. Positional Traders who are in Long Positions, can move their Stoploss to around 5730 Spot level. Some cooling off from the highs can be expected next week, but the short term should be considered Up as long as Nifty is trading above 5700/5730 zone. The immediate support for Nifty Spot should come at the recent breakout level of 5815 and 5790/5770 levels. Any downmove towards these levels can be used to build Long Positions in Nifty. The breakout level of 5650/5630 and below that, the Gap Support level of 5520 are now the Support Levels for considering the Medium Term Trend.
The Nifty Option OI Charts are given below:
On the Options front, the first day of the series was used to build positions by both the Bulls and the Bears. The most significant addition by the Bulls was at 5800 PE and 5900 PE strikes, where they added 22 lacs+ OI. The most significant addition by the Bears was at 6100 CE strike, where they added 9 lacs+ OI. Overall, 6000 seems like the toughest resistance as of now, with highest open interest of 60 lacs+ at 6000 CE after the first day of the series. 5700 and below are the supports.
For Monday, immediate resistance for Nifty Spot now comes at 5880/5885 level. Above this, the Bulls will again be in control, and take Nifty higher towards 5930, 5950 and 5980/5990 levels. On the downside, support for Nifty Spot comes at 5850/5860 level. Staying below this, the Bears can pull it down towards lower level supports of 5815, 5790 and 5770. On Intraday basis, traders can use declines towards 5815 Spot level to Buy Nifty. Below 5815, the Bears will dominate.
3 Dec - Nifty Spot resistance at 5885-5930-5950-5985. Support at 5855-5830-5815-5790
6 Dec - Nifty View
On Wednesday, Nifty once again traded in a narrow band, and closed near 5900 level, to form another Doji on Daily Charts. Some cooling off was expected this week, after he run-up in Nifty last week. However, Nifty has held on to its gain so far this week, ahead of the FDI Voting News. The lower volumes that we have seen over the past few days indicates that the traders have been waiting for the News to get out of the way, before building any positions. Now, after the event is over, it remains to be seen whether Nifty continues its upmove, or whether it becomes a "Sell the News" kind of trade, and Nifty will correct from here, to test its Support levels. Immediate levels to watch out on the downside will be 5880/5870 zone. Till Nifty is staying above this level, even aggressive traders should not be thinking of any Short trade. However, if Nifty breaks this zone, then a slide towards 5825/5815 and 5790/5770 is possible. How the Bulls support these levels, will give further clarity on the inherent strength of the market. As of now, Aggressive traders should wait for a Short Opportunity below 5880/5870. Till then, it remains a Buy on Dips.
The Nifty Option OI Charts are given below:
On the Options front also, the volumes have been on the lower side. The Bears were mainly active at 6200 CE strike, where they added 8 lacs+ Open Interest. On the other hand, the Bulls added small quantities of Open Interest at 6000 PE and below strikes. Overall, 6000 remains the biggest resistance this series, with Open Interest crossing 80lacs+ at 6000 CE strike. 5900 is the 50:50 level as of now. For supports, the Bulls also seem to be waiting for a downmove to add Open Interest. As of now, 5800 and below can be called as Minor Support levels. But this picture is sure to change, when Nifty decline towards those levels, and the Bulls start adding Open Interest
For Thursday, immediate resistance for Nifty Spot comes at 5900/5905 level. Staying above this, the Bulls are expected to remain in control, and take it to higher level resistances of 5930/5950 and 5985 level. On the downside, support for Nifty Spot comes at 5890 and 5870 levels. As long as it stays above these levels, the Bulls will have a chance to bounce back. Below 5870, the Bears will start to dominate, and they can take Nifty lower to test supports of 5850 and 5825/5815.
6 Dec - Nifty Spot resistance at 5905-5930-5950-5985. Support at 5890-5870-5850-5820
On Wednesday, Nifty once again traded in a narrow band, and closed near 5900 level, to form another Doji on Daily Charts. Some cooling off was expected this week, after he run-up in Nifty last week. However, Nifty has held on to its gain so far this week, ahead of the FDI Voting News. The lower volumes that we have seen over the past few days indicates that the traders have been waiting for the News to get out of the way, before building any positions. Now, after the event is over, it remains to be seen whether Nifty continues its upmove, or whether it becomes a "Sell the News" kind of trade, and Nifty will correct from here, to test its Support levels. Immediate levels to watch out on the downside will be 5880/5870 zone. Till Nifty is staying above this level, even aggressive traders should not be thinking of any Short trade. However, if Nifty breaks this zone, then a slide towards 5825/5815 and 5790/5770 is possible. How the Bulls support these levels, will give further clarity on the inherent strength of the market. As of now, Aggressive traders should wait for a Short Opportunity below 5880/5870. Till then, it remains a Buy on Dips.
The Nifty Option OI Charts are given below:
On the Options front also, the volumes have been on the lower side. The Bears were mainly active at 6200 CE strike, where they added 8 lacs+ Open Interest. On the other hand, the Bulls added small quantities of Open Interest at 6000 PE and below strikes. Overall, 6000 remains the biggest resistance this series, with Open Interest crossing 80lacs+ at 6000 CE strike. 5900 is the 50:50 level as of now. For supports, the Bulls also seem to be waiting for a downmove to add Open Interest. As of now, 5800 and below can be called as Minor Support levels. But this picture is sure to change, when Nifty decline towards those levels, and the Bulls start adding Open Interest
For Thursday, immediate resistance for Nifty Spot comes at 5900/5905 level. Staying above this, the Bulls are expected to remain in control, and take it to higher level resistances of 5930/5950 and 5985 level. On the downside, support for Nifty Spot comes at 5890 and 5870 levels. As long as it stays above these levels, the Bulls will have a chance to bounce back. Below 5870, the Bears will start to dominate, and they can take Nifty lower to test supports of 5850 and 5825/5815.
6 Dec - Nifty Spot resistance at 5905-5930-5950-5985. Support at 5890-5870-5850-5820
7 Dec - Nifty View
On Thursday, Nifty opened up, moved down swiftly to make an intraday low of 5838,, and then made a remarkable recovery, to close near 5930 level. It broke our reference level of 5880/5870 in intraday and went nearly 40 points down, but closed well above it. Positional traders, who would have taken aggressive Shorts, below 5880/5870, and have not exited them, can now keep a Stoploss around 5950 Spot level. In Yesterday's Nifty View, it was given that how Bulls react at the support levels below 5880, will give more clarity on the inherent strength of the market. The Bulls have clearly shown the strength of this rally. The only solace for the Bears at this moment is the huge built up in Open Interest at 6000 CE strike, and a Hanging Man pattern on Daily Charts. This pattern needs a follow-up move tomorrow, to be of any relevance. Hence, we will not consider it as of now, and consider it only if Nifty Spot starts trading below 5900/5880 again. Till then, the uptrend continues, and Shorts should keep a strict Stoploss.
The Nifty Option OI Charts are given below:
On the Options front, there was not much activity today by both the Bulls and the Bears. The Bulls added a small amount of Open Interest at 6000 PE strike, while the Bears added a small amount at 6300 CE strike. Overall, the Option Charts remain the same, with 5900 being the 50:50 level for this series as of now. 6000 is the toughest resistance. Supports lie at the 5800 and below levels, however, the Open Interest at these strikes is not enough to call them as major supports as of now.
For Friday, immediate resistance for Nifty Spot will come at 5930/5950 levels. Stayinga bove this, the next big resistance for Nifty Spot will come around 5985/5995 levels. If the Bulls manage to sustain Nifty above these levels, then we can see another fierce short covering rally, when the 6000 CE writers start covering their positions. On the downside, support for Nifty Spot comes at 5910/5885 levels. Till Nifty trades above these levels, momentum will favor the Bulls, However, another break below these levels tomorrow can lead to a bigger fall this time.
7 Dec - Nifty Spot resistance at 5930-5950-5990-6020. Support at 5905-5890-5870-5850
On Thursday, Nifty opened up, moved down swiftly to make an intraday low of 5838,, and then made a remarkable recovery, to close near 5930 level. It broke our reference level of 5880/5870 in intraday and went nearly 40 points down, but closed well above it. Positional traders, who would have taken aggressive Shorts, below 5880/5870, and have not exited them, can now keep a Stoploss around 5950 Spot level. In Yesterday's Nifty View, it was given that how Bulls react at the support levels below 5880, will give more clarity on the inherent strength of the market. The Bulls have clearly shown the strength of this rally. The only solace for the Bears at this moment is the huge built up in Open Interest at 6000 CE strike, and a Hanging Man pattern on Daily Charts. This pattern needs a follow-up move tomorrow, to be of any relevance. Hence, we will not consider it as of now, and consider it only if Nifty Spot starts trading below 5900/5880 again. Till then, the uptrend continues, and Shorts should keep a strict Stoploss.
The Nifty Option OI Charts are given below:
On the Options front, there was not much activity today by both the Bulls and the Bears. The Bulls added a small amount of Open Interest at 6000 PE strike, while the Bears added a small amount at 6300 CE strike. Overall, the Option Charts remain the same, with 5900 being the 50:50 level for this series as of now. 6000 is the toughest resistance. Supports lie at the 5800 and below levels, however, the Open Interest at these strikes is not enough to call them as major supports as of now.
For Friday, immediate resistance for Nifty Spot will come at 5930/5950 levels. Stayinga bove this, the next big resistance for Nifty Spot will come around 5985/5995 levels. If the Bulls manage to sustain Nifty above these levels, then we can see another fierce short covering rally, when the 6000 CE writers start covering their positions. On the downside, support for Nifty Spot comes at 5910/5885 levels. Till Nifty trades above these levels, momentum will favor the Bulls, However, another break below these levels tomorrow can lead to a bigger fall this time.
7 Dec - Nifty Spot resistance at 5930-5950-5990-6020. Support at 5905-5890-5870-5850
10 Dec - Nifty View
On Friday, Nifty followed up to the Hanging Man pattern pointed out in our Nifty View, and formed a Bearish candle on Daily charts, by closing near 5907 levels. The Stoploss for those who had taken aggressive Positional Shorts, on Thursday, was given as 5950 in our previous Nifty View. Nifty made a High at 5949 on Friday, hence, the Shorts are still in trade. Traders who are Short, can now keep a Stoploss at either 5950 Spot, or at 5945 Spot on closing basis, which is the High of Thursday's Hanging Man pattern. As long as Nifty is trading within the range of 5880 to 5950, it will better to trade on Intraday basis. Below 5880, the Bears are expected to dominate, while above 5950, the Bulls will dominate, leading Nifty Spot to 5990 and 6020 levels.
The Nifty Option OI Charts are given below:
On the Options front, the Bears added big quantities of 7 lacs+ and 15 lacs_ Open Interest at 6000 CE and 6100 CE strikes respectively. These two levels are major resistances for Nifty as of now. The Bulls did not do much on Friday. Overall, 5900 is the clear 50:50 level on Option Charts. Below that, 5800 and lower levels can be termed as minor support levels as of now. On the upside, 6000 is the major resistance for this series, with Open Interest at 6000 CE well above 80 lacs mark right now.
For Monday, immediate resistance for Nifty Spot comes at 5910/5930 zone. Staying above this, Nifty can again head for resistance levels around 5950 mark. Till it stays below these levels, it is expected to meet with selling pressure at each of these levels. However, above these rallies, the Bears will run for cover, and Nifty can easily climb towards 5990 and 6020 levels. On the downside, support for Nifty Spot comes at 5890/5870 zone. Below this, Nifty is expected to break the immediate support of 5850, and head towards 5825/5815 levels.
10 Dec - Nifty Spot resistance at 5910-5930-5950-5990. Support at 5890-5870-5850-5820
On Friday, Nifty followed up to the Hanging Man pattern pointed out in our Nifty View, and formed a Bearish candle on Daily charts, by closing near 5907 levels. The Stoploss for those who had taken aggressive Positional Shorts, on Thursday, was given as 5950 in our previous Nifty View. Nifty made a High at 5949 on Friday, hence, the Shorts are still in trade. Traders who are Short, can now keep a Stoploss at either 5950 Spot, or at 5945 Spot on closing basis, which is the High of Thursday's Hanging Man pattern. As long as Nifty is trading within the range of 5880 to 5950, it will better to trade on Intraday basis. Below 5880, the Bears are expected to dominate, while above 5950, the Bulls will dominate, leading Nifty Spot to 5990 and 6020 levels.
The Nifty Option OI Charts are given below:
On the Options front, the Bears added big quantities of 7 lacs+ and 15 lacs_ Open Interest at 6000 CE and 6100 CE strikes respectively. These two levels are major resistances for Nifty as of now. The Bulls did not do much on Friday. Overall, 5900 is the clear 50:50 level on Option Charts. Below that, 5800 and lower levels can be termed as minor support levels as of now. On the upside, 6000 is the major resistance for this series, with Open Interest at 6000 CE well above 80 lacs mark right now.
For Monday, immediate resistance for Nifty Spot comes at 5910/5930 zone. Staying above this, Nifty can again head for resistance levels around 5950 mark. Till it stays below these levels, it is expected to meet with selling pressure at each of these levels. However, above these rallies, the Bears will run for cover, and Nifty can easily climb towards 5990 and 6020 levels. On the downside, support for Nifty Spot comes at 5890/5870 zone. Below this, Nifty is expected to break the immediate support of 5850, and head towards 5825/5815 levels.
10 Dec - Nifty Spot resistance at 5910-5930-5950-5990. Support at 5890-5870-5850-5820
14 Dec - Nifty View
On Thursday, Nifty finally broke down, one week after the Hanging Man pattern was formed on Daily Charts and pointed here in Nifty View. It still managed to hold on to the Low of Hanging man, which will give some hope to the Bulls. This cooling off/ correction was much needed, and now, it remains to be seen whether Nifty consolidates here, to build a base for another upside move, or whether a deeper correction sets in. The first sign of a deeper correction will come if and when Nifty breaks below 5815/5790 and 5770 levels. Till then, the market remains Sell on Rises for intraday traders, while Positional traders can hold their Short Positions with Stoploss around 5915 Nifty Spot on closing basis.
The Nifty Option OI Charts are given below:
On the Nifty Options front, not much Open Interest activity was seen by both the Bulls and the Bears. The Bears added 14 lacs+ Open Interest in Nifty Options of 5900 CE to 6100 CE Strike. The Bulls were absent today and did very little addition. Overall, the Open Interest at 6000 CE strike has moved to a Huge Level of 1.15 Crore+. Although a Bearish sign, this also gives a signal that if the Bulls somehow to manage to capture this level, we can see a huge Short Covering rally from the Bears. Going forward, some profit booking is expected at 6000 CE Strike. Apart from that, 5900 remains as the 50:50 level, while 5800 is the immediate support level for Nifty, with Open Interest at 5800 PE at 80 lacs+.
For Friday immediate resistance for Nifty Spot comes at 5870 and 5890/5905 levels. On any upside, Selling Pressure is expected at each of these levels, and can be used by traders to build Short Positions. Above 5905, the Bulls are expected to dominate, and Shorts should not be tried by intraday traders. On the downside, support for Nifty Spot comes at 5850/5840 levels. Staying below this, the Bearish momentum will continue, and Nifty can slide lower towards 5825/5815 levels, where it has found support earlier. Below these levels, 5790/5770 are the levels to watch out for. Any breach of these levels will be the first sign of a deeper correction setting in in Nifty.
14 Dec - Nifty Spot resistance at 5870-5890-5905-5930. Support at 5840-5820-5790-5770
On Thursday, Nifty finally broke down, one week after the Hanging Man pattern was formed on Daily Charts and pointed here in Nifty View. It still managed to hold on to the Low of Hanging man, which will give some hope to the Bulls. This cooling off/ correction was much needed, and now, it remains to be seen whether Nifty consolidates here, to build a base for another upside move, or whether a deeper correction sets in. The first sign of a deeper correction will come if and when Nifty breaks below 5815/5790 and 5770 levels. Till then, the market remains Sell on Rises for intraday traders, while Positional traders can hold their Short Positions with Stoploss around 5915 Nifty Spot on closing basis.
The Nifty Option OI Charts are given below:
On the Nifty Options front, not much Open Interest activity was seen by both the Bulls and the Bears. The Bears added 14 lacs+ Open Interest in Nifty Options of 5900 CE to 6100 CE Strike. The Bulls were absent today and did very little addition. Overall, the Open Interest at 6000 CE strike has moved to a Huge Level of 1.15 Crore+. Although a Bearish sign, this also gives a signal that if the Bulls somehow to manage to capture this level, we can see a huge Short Covering rally from the Bears. Going forward, some profit booking is expected at 6000 CE Strike. Apart from that, 5900 remains as the 50:50 level, while 5800 is the immediate support level for Nifty, with Open Interest at 5800 PE at 80 lacs+.
For Friday immediate resistance for Nifty Spot comes at 5870 and 5890/5905 levels. On any upside, Selling Pressure is expected at each of these levels, and can be used by traders to build Short Positions. Above 5905, the Bulls are expected to dominate, and Shorts should not be tried by intraday traders. On the downside, support for Nifty Spot comes at 5850/5840 levels. Staying below this, the Bearish momentum will continue, and Nifty can slide lower towards 5825/5815 levels, where it has found support earlier. Below these levels, 5790/5770 are the levels to watch out for. Any breach of these levels will be the first sign of a deeper correction setting in in Nifty.
14 Dec - Nifty Spot resistance at 5870-5890-5905-5930. Support at 5840-5820-5790-5770
17 Dec - Nifty View
On Friday, Nifty opened near its support of 5840 level, and recovered in intraday trade to close near 5880 level. For the past tow weeks, Nifty has traded within 100 point range of 5840 to 5940 Spot. This is also the high and low of the Hanging Man pattern which was given in the Nifty View of 5th December. Any substantial move will be expected if and when Nifty closes outside of this range. Till then, Positional traders can either wait and watch, or maintain Short Positions with Stoploss above 5945 on closing basis.
The Nifty Option OI Charts are given below:
The Nifty Option Charts were dominated by the Bulls on Friday, who added 14 lacs+ open interest at 5800 PE and 5900 PE strikes. The Bears did not do much on Friday. Overall, the Open Interest at 6000 CE remains at extremely high levels of 1.1 Crore+. This remains as the major resistance for this series. Nifty will find it very hard to cross this resistance level, and if it does so, it should give a substantial rally. A little below 6000 will become the Stoploss for a Long trade at that time. On the downside, 5800 is a major support level, with Open Interest at 5800 PE strike at 91 lacs+ at this time. 5900 remains as the 50:50 level for this series.
For Monday, the Bulls are expected to maintain an upper hand, till Nifty stays above the close of Friday. Immediate resistance for Nifty Spot comes at 5890/5905 levels. Above this, 5930 and 5950 are the next major resistance levels. On the downside, immediate support for Nifty Spot comes at 5870/5850 and 5835 levels. As given earlier, till the time Nifty is trading within the range of 5835 to 5950, it is better to trade intraday with tight stoplosses and quickly booking profits for small gains. Beyond this range, a substantial move is expected in Nifty.
17 Dec - Nifty Spot resistance at 5890-5905-5930-5950. Support at 5870-5850-5835-5815
On Friday, Nifty opened near its support of 5840 level, and recovered in intraday trade to close near 5880 level. For the past tow weeks, Nifty has traded within 100 point range of 5840 to 5940 Spot. This is also the high and low of the Hanging Man pattern which was given in the Nifty View of 5th December. Any substantial move will be expected if and when Nifty closes outside of this range. Till then, Positional traders can either wait and watch, or maintain Short Positions with Stoploss above 5945 on closing basis.
The Nifty Option OI Charts are given below:
The Nifty Option Charts were dominated by the Bulls on Friday, who added 14 lacs+ open interest at 5800 PE and 5900 PE strikes. The Bears did not do much on Friday. Overall, the Open Interest at 6000 CE remains at extremely high levels of 1.1 Crore+. This remains as the major resistance for this series. Nifty will find it very hard to cross this resistance level, and if it does so, it should give a substantial rally. A little below 6000 will become the Stoploss for a Long trade at that time. On the downside, 5800 is a major support level, with Open Interest at 5800 PE strike at 91 lacs+ at this time. 5900 remains as the 50:50 level for this series.
For Monday, the Bulls are expected to maintain an upper hand, till Nifty stays above the close of Friday. Immediate resistance for Nifty Spot comes at 5890/5905 levels. Above this, 5930 and 5950 are the next major resistance levels. On the downside, immediate support for Nifty Spot comes at 5870/5850 and 5835 levels. As given earlier, till the time Nifty is trading within the range of 5835 to 5950, it is better to trade intraday with tight stoplosses and quickly booking profits for small gains. Beyond this range, a substantial move is expected in Nifty.
17 Dec - Nifty Spot resistance at 5890-5905-5930-5950. Support at 5870-5850-5835-5815
20 Dec - Nifty View
On Wednesday, Nifty opened up, but then traded within a narrow band, to close near its resistance level of 5930. For all the 13 trading days of this series, Nifty Spot has traded within the zone of 5835 to 5945. Now it is once again at the top of this zone. There are two ways to approach the market right now. Traders can either trade the range until one trade Stops out, at which point they can Reverse their trades. Such traders can initiate a Short trade here with a Stop and Reverse to Long trade above 5945 Spot. The other approach is to wait for a breakout/ breakdown out of the range, and then keep a Stoploss below the Breakout level on closing basis. For example, at this point, such traders should wait for a breakout, and if it happens, initiate a Long trade with Stoploss below 5945 on Closing basis. We prefer to do the second option, and manage only intraday trades till we get a breakout.
The Nifty Option OI Charts are given below:
On the Nifty Option front, the Bulls added a small amount of 4 lacs+ Open Interest at 6000 PE strike, whereas the Bears added 6 lacs+ Open Interest at Nifty Option of 6100 CE.The Bears also covered a large amount of Open Interest at Nifty Option of 5800 CE. Overall, the range for this series remains the same. 5900 is the 50:50 level, while 5800 to 6000 is the narrow range.
For Thursday, immediate resistance for Nifty Spot comes at 5930 and 5945/5950 levels.Staying above this, a threat of Bullish breakout will be there, which can cause the Bears to panic, and lead to a short covering rally till 5985/5990 and 6020 levels. On the downside, support for Nifty Spot comes around 5905/5910 levels. Below this, the rangebound trading is expected to continue, with lower supports for Nifty coming at 5890, 5870 and 5835 levels.
20 Dec - Nifty Spot resistance at 5930-5950-5990-6020. Support at 5905-5890-5870-5850
On Wednesday, Nifty opened up, but then traded within a narrow band, to close near its resistance level of 5930. For all the 13 trading days of this series, Nifty Spot has traded within the zone of 5835 to 5945. Now it is once again at the top of this zone. There are two ways to approach the market right now. Traders can either trade the range until one trade Stops out, at which point they can Reverse their trades. Such traders can initiate a Short trade here with a Stop and Reverse to Long trade above 5945 Spot. The other approach is to wait for a breakout/ breakdown out of the range, and then keep a Stoploss below the Breakout level on closing basis. For example, at this point, such traders should wait for a breakout, and if it happens, initiate a Long trade with Stoploss below 5945 on Closing basis. We prefer to do the second option, and manage only intraday trades till we get a breakout.
The Nifty Option OI Charts are given below:
On the Nifty Option front, the Bulls added a small amount of 4 lacs+ Open Interest at 6000 PE strike, whereas the Bears added 6 lacs+ Open Interest at Nifty Option of 6100 CE.The Bears also covered a large amount of Open Interest at Nifty Option of 5800 CE. Overall, the range for this series remains the same. 5900 is the 50:50 level, while 5800 to 6000 is the narrow range.
For Thursday, immediate resistance for Nifty Spot comes at 5930 and 5945/5950 levels.Staying above this, a threat of Bullish breakout will be there, which can cause the Bears to panic, and lead to a short covering rally till 5985/5990 and 6020 levels. On the downside, support for Nifty Spot comes around 5905/5910 levels. Below this, the rangebound trading is expected to continue, with lower supports for Nifty coming at 5890, 5870 and 5835 levels.
20 Dec - Nifty Spot resistance at 5930-5950-5990-6020. Support at 5905-5890-5870-5850
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