Nifty Views from NiftyPower

[NiftyPower]

13 Mar - Nifty View

On Tuesday, Nifty opened flat, declined in intraday trade and took support near its support level of 5890, then tried a recovery and closed near 5915 level. Nifty has formed a well defined resistance near around 5970 Spot level. This level has resisted/ supported Nifty on at least 5 occasions, as marked in the attached chart. The Bulls need to close Nifty above this level, if they want to take it to new highs. On the downside, support for Nifty Spot comes at around todays low, in the 5880/5890 zone. Below this level also, Nifty has well defined support areas around 5860 and 5820 levels. Hence, all traders ho want to build Short positions, should do so near the resistance level of 5950 and 5970, and not on the break of the support levels, as it would be risky. Also, traders should be quick to reverse to Long positions above 5970 Nifty Spot level. As of now, 5890 to 5970 is the immediate 100 point range for Nifty. Breakout from this range is expected to bring some good moves.

The Nifty Option OI Charts are given below:

On the Nifty Options front, there was plenty of activity seen in the OTM put options.However, when we look at the ATM Options, the Bulls added to their positions at Nifty options of 5800 PE strike, while the Bears added to their positions in Nifty Options of 6000 CE strike. Overall, from the Nifty Options charts, 5800 and 5700 come out as the clear support areas, with Open Interest in Put Options of both these strikes crossing 1 Crore. 5900 is a clear 50:50 level as of now. However, in terms of resistances, the Bears haven't matched to the Bulls, and there is no comparable resistance level from the Nifty Options Charts. Hence, Overall, the Options Charts paint a very bullish picture as of now.

For 13th March, immediate resistance for Nifty Spot comes near 5940/5945 levels. Only if it stays above this level, can the bulls hope for a retest of the strong resistance level of 5970. Once above 5970, more short covering rally can easily take Nifty towards 6050/6075 level, with minor resistances at 6025/6030 level. On the downside, support for Nifty Spot comes at 5905 and then at 5885 levels. The Bears will find it very hard to break these levels, and any fall towards these levels should be used as a buying opportunity, with a Stoploss below 5885. Below 5885, the Bears are expected to gain an upper hand, and they will press Nifty down towards 5860 and 5820 kind of levels.

13 Mar - Nifty Spot resistance at 5940-5970-6005-6025. Support at 5905-5885-5860-5840

 

[a1b1trader]

Welcome back NP,after a long sleep.

 

[NiftyPower]

22 Mar - Nifty View

On Thursday, after a volatile session, Nifty once again closed in the red, making a new low in the short term charts. Nifty is now near near a very important support zone of 5630-5660, break of which can bring another swift 100 point downmove till next support of 5550. Today's high of 5760 will be an important level to watch, for a short term trend change in Nifty. Last time, this support zone of 5630-5660 gave a 300 point rally. Two weeks later, Nifty is again retesting this level. Whether it will hold again now, or break to produce lower levels, is anybody's guess. As traders, it is better to play a wait and watch game, and book profit in Shorts by the end of this week. Next week is also a holiday truncated week, as well as Expiry week. Fresh views can be taken after that.

The Nifty Option OI Charts are given below:

The Nifty Options charts show the dominance of the Bears today. They added a huge quantity of 22 lacs+ Open Interest at 5600 CE to 5800 CE strikes. On the other hand, the Bulls covered a huge quantity of Open interest in their 5800 PE and 5900 PE strikes. Overall, the Nifty Options charts show resistances at 5800 and above level for this series now. As of now, 5700 is a 50:50 level, although Nifty has closed well below this level.

For Friday, immediate strong resistance for Nifty Spot now comes at 5690/5695 levels. As long as it stays below these levels, Nifty is a Sell on Rises. However, if the Bulls somehow manages to trade Nifty above this level, then a retest of resistances at 5725/5730 and 5760 will be expected. On the downside, strong support levels for Nifty Spot comes at 5650 and then at 5630/5625. Below 5625, next strong support for Nifty will come at 5550/5520, with minor supports in between at 5590/5565 levels.

22 Mar - Nifty Spot resistance at 5695-5725-5760-5795. Support at 5650-5625-5590-5565

 

[NiftyPower]

2 April - Nifty View

On Monday, Nifty opened slightly up, and traded rangebound during the day, with a negative bias, but recovered in the end to close mildly in the positive. There is a clear positive divergence in RSI on daily charts, which was formed when Nifty made its low near 5605 Spot level on Expiry day. Although it is a Buy Signal, to be confirmed by a move above the resistance zone of 5720/5730, but overall, the view still remains Bearish. Nifty has formed a Lower Low on short term charts, and may be, is in the process of forming a Lower High. This Bearish View will change only when Nifty is able to take out its recent high of 5970 on closing basis. Hence, all Positional trades on the long side, should be of smaller targets, till the time Nifty crosses its recent high. One such trade which is lurking around the corner is a Buy on breakout above the 5720/5730 zone. Aggressive traders can initiate a Buy if this breakout happens, with a Stop and Reverse below Monday's low around 5675. Above this zone, the next significant resistance zone for Nifty Spot lies 100 points up at 5820/5850 levels.

The Nifty Option OI Charts are given below:

On the first trading day of the series, both the Bulls and the Bears added Open Interest in Nifty Options, as expected. The Bulls were most active at 5500 strike of Nifty Put. The Open interest in 5500 PE stands at 73 lacs+ at the start of the series itself, indicating that it will be a very strong support for this series. On the other hand, the Bears added huge quantity of 21 lacs+ Open Interest at Call Options of 5600 and 5700. For the Bears, there is no significant resistance which is formed till now. More clarity will emerge as the series progresses. 5600 is the 50:50 level between the Bulls and the Bears as of now.

For Tuesday, immediate resistance for Nifty Spot comes around 5720 level. Staying above this, the Bulls will have an upper hand, and they will try to push Nifty higher towards 5770 and 5795 levels. Above this, lies the next strong resistance zone of 5820/5850 for Nifty. On the downside, support for Nifty Spot comes at 5685/5675 levels. Below 5685, another round of selling can take Nifty to lower levels of 5645/5650 and 5625/5605. Hence, for tomorrow, 5685-5720/5725 is the immediate narrow range, breakout from which is expected to bring a good move.

2 April - Nifty Spot resistance at 5725-5770-5795-5820. Support at 5680-5650-5625-5605

 

[NiftyPower]

5 April - Nifty View

On Thursday, Nifty opened Gap Down, and continued to slide to make a new short term low on daily charts. In the previous Nifty View, it was mentioned that Nifty may be in the process of making a Lower High. That view has been confirmed. In the process, the Stop and Reverse level of 5675, for aggressive longs taken on the breakout above 5720/5730 has been hit. Traders who took the short trade, should be in good profits now, and can start booking profits, and move their stoploss to around 5705 Nifty Spot level. Those who missed it, should now wait for the next trading opportunity. For the Bulls, there is positive divergence which is persisting in RSI on Nifty Daily charts. Apart from that, the line joining the Lows is offering some sort of support as of now, which can later turn into a bullish pattern. However, since the momentum is on the downside right now, it is better to wait for a confirmed signal from price, rather than taking a risk trade based on positive divergence alone.

The Nifty Option OI Charts are given below:

In the Nifty Option charts, the Bears dominated the day today. They added a huge quantity of 56 lacs+ Open Interest in Nifty Call Options of 5600 to 5800. On the other hand, Bears covered a huge quantity of 30 lacs+ in Nifty Put Options of 5600 to 5800. Overall, though Nifty has fallen below 5600, and despite the huge covering at 5600 PE today, Open Interest at 5600 PE remains the highest among Nifty Put Options. In Nifty Call options, 5700 CE and above strikes have added nearly 70 lacs Open Interest. Overall, the Nifty option charts indicate a trading range between 5600 to 5700 on Nifty Spot. Since Nifty is below 5600 Spot, the coming days trading should resolve this anamoly.

For Friday, immediate resistance for Nifty Spot comes at 5590/5595 levels. Above this, the next big resistance area for Nifty Spot will come at 5625/5630 levels. Only on a close above 5630 now, can the Bulls hope for some kind of a pause from the Bear onslaught. On the downside, support for Nifty Spot comes at 5565/5570 and 5550 levels. Below this, next major support for Nifty Spot comes 100+ points down around 5430, with minor support around 5520/5525 level.

5 Apr - Nifty Spot resistance at 5595-5625-5650-5700. Support at 5570-5550-5520-5435

 

[NiftyPower]

18 June - Nifty View

On Monday, Nifty opened flat, and after an initial hiccup, continued its upward journey to close near 5850 level. After reaching oversold levels and touching the support near 5700, Nifty has completed a 150+ point rally today. There are many indicators pointing to a new Bullish move from here. Nifty has corrected quite a bit from the Overbought levels and now reached Oversold levels on Daily Charts. There is also a Bullish Wolfe Wave pattern forming on Daily Charts, although not a perfect one. The biggest hurdles for the Bulls will be the immediate resistance at around 5890 Nifty Future level. If the Bulls manage to break this level, then this rally will become more believable. Till then, we prefer intraday trades or hedged Positional trades only.

The Nifty Option Open Interest Charts are given below:

On the Nifty Options front, the Bears retreated a it from 5700 level, covering 6 lacs+ Open Interest at 5600 CE strike. The Bulls added small quantity Nifty Put Options of 5700 PE and 5800 PE. Overall, in the Nifty Options Open Interest Chart, the levels of 5800 and 5900 appear to be the level at which the fight for supremacy between the Bulls and the Bears is going on. 5700 to 6000 seems to be the broad trading range in Nifty at the time being. Lets see how these levels of 5800 and 5900 resolve in the coming days.

For tomorrow, immediate resistance for Nifty Future comes at 5860 and then at 5890/5905 levels. Trading above these, can lead to a short covering rally, which can take Nifty Future towards 5935-5975 levels. On the downside, support for Nifty Future comes at around 5830 level. Below this, next supports for Nifty Future comes at 5800-5770 and 5750 levels. The immediate trend is up and Buy on Dips should be the strategy as long as Nifty Future stays above 5830 tomorrow.

18 June - Nifty Future resistance at 5860-5890-5905-5935. Support at 5830-5800-5770-5750

 

[NiftyPower]

19 June - Nifty View

On Tuesday, Nifty opened down and quickly moved below our reference level of 5830. It recovered during the second half only to meet selling pressure near 5870 level, and closed near the lows of the day. The zone of 5870-5890 is has been very important in the recent past. Nifty took support in this zone 4 times and tried to bounce back in this month. Once this was broken, we saw a quick slide of more than 150+ points. It is logical that a breakout from this zone will bring a short covering rally. As of now, the Bullish hopes were shattered by the Bears with the fast fall seen in the last half hour of the trade. 5770 to 5870/5890 is the immediate narrow 100 point range for Nifty Future. A breakout from this range should be used to initiate the next Positional Trade. Till then, intraday trades should be more beneficial for traders.

The Nifty Options Open Interest Charts are given below:

In nifty Options, the Bears got aggressive today. They added a huge quantity of 32 lav+ Open Interest in Nifty Options strikes of 5800 CE to 6000 CE. On the other hand, there was not much action from the Bulls. Overall, 5800 is the 50:50 level as of now. 5700 is the strongest support while 6000 is the strongest resistance, and 5900 is a minor resistance.

For tomorrow, immediate resistance for Nifty Future now comes around 5820/5830 levels. Staying above this, the Bulls will again try to test 5850 and 5870 levels. On the downside, support for Nifty Future comes at 5800 and then at 5770 levels. The bias will be negative below 5820 level, and positive above 5850 level tomorrow, for intraday trades.

19 June - Nifty Future resistance at 5830-5850-5870-5890. Support at 5800-5770-5750-5715

 

[NiftyPower]

21 June - Nifty View

On the Nifty Options front, it was another day dominated by the Bears, as expected. They added a huge quantity if 90 lacs+ Open Interest in Nifty Options of 5600 CE to 5800 CE strike. Some of these additions may be part of hedges. But overall, it must be the largest addition in Nifty Calls in a day in the recent past. On the other hand, the Bulls also added 16 lacs+ Open Interest in Nifty Options of 5600 PE. While this is a huge quantity in itself, but it pales when compare to Call addition. Overall, from the Nifty Options Charts, it can be seen that the Bears have moved the 50:50 level from 5800 to 5700. 5600 is minor support remaining for the Bulls. 5800 and above are the major resistances now.

For tomorrow, immediate resistance for Nifty Future comes near 5660/5665 levels. Above this, the Bulls will try to hit next resistance level near 5695. However, every upmove should now be expected to meet with selling pressure, hence, short trades at resistances should be preferred by the traders. On the downside, support for Nifty Future comes near 5630/5640 levels. Below this, the Bears will continue to apply pressure, and take Nifty further down towards 5590-5570-5560 and 5535 levels.

21 June - Nifty Future resistance at 5665-5695-5715-5750. Support at 5635-5590-5570-5560

 

[NiftyPower]

24 June - Nifty View

On Friday, Nifty opened slightly down, but quickly recovered by the end of the day to close near 5660 level. It traded erratically within the range of 5620 to 5680 for the entire day. A move above 5680/5690 with positive divergence in RSI on Daily Charts will give the Bulls some hope. However, since the Lower High and Lower Low pattern is continuing on Daily Charts, Positional traders should look at all rallies to create short positions. The first resistance for Nifty Future on the way up will come near the Gap zone of 5750-5780. Above that, 5890/5900 will be major resistance level. As of now, it doesn't look probable that Nifty will cross these levels in this month.

The Nifty Options Open Interest Charts are given below:

On the Nifty Options front, the Bulls showed some resilience on Friday, and added a big quantity of 16 lacs+ Open Interest in Nifty Option of 5600 PE. 5600 PE now has the maximum open interest in Puts, crossing 90 lacs+. This will be a major support level for the Bulls next week. On the other hand, the Bears also added a huge quantity of 25 lacs+ Open Interest in Nifty Options of 5600 CE to 5800 CE. For the Bears, the Open Interest in Nifty Option of 5800 CE has also crossed 90 lacs+ now, and will be a major resistance level next week. The level of 5800 is currently the 50:50 level between the Bulls and the Bears.

For Monday, immediate resistance for Nifty Future comes in the zone of 5680-5690. Staying above this, the Bulls will try to take Nifty higher towards 5720 and 5750 level, where once again some selling pressure is expected. On the downside, support for Nifty Future comes around 5635 level and then at 5615/5620 level. Below this, the Bears will have an upper hand, and Short trades should be preferred by intraday traders.

24 June - Nifty Future resistance at 5680-5700-5720-5750. Support at 5635-5615-5590-5570

 

[a1b1trader]

24 June - Nifty View

On Friday, Nifty opened slightly down, but quickly recovered by the end of the day to close near 5660 level. It traded erratically within the range of 5620 to 5680 for the entire day. A move above 5680/5690 with positive divergence in RSI on Daily Charts will give the Bulls some hope. However, since the Lower High and Lower Low pattern is continuing on Daily Charts, Positional traders should look at all rallies to create short positions. The first resistance for Nifty Future on the way up will come near the Gap zone of 5750-5780. Above that, 5890/5900 will be major resistance level. As of now, it doesn't look probable that Nifty will cross these levels in this month.

[.....]

For Monday, immediate resistance for Nifty Future comes in the zone of 5680-5690. Staying above this, the Bulls will try to take Nifty higher towards 5720 and 5750 level, where once again some selling pressure is expected. On the downside, support for Nifty Future comes around 5635 level and then at 5615/5620 level. Below this, the Bears will have an upper hand, and Short trades should be preferred by intraday traders.

24 June - Nifty Future resistance at 5680-5700-5720-5750. Support at 5635-5615-5590-5570

Hi
Which level do you think doesn't look probable that Nifty will cross in this month
5750-5780 OR 5890/5900 OR both

IMO, todays high/close should be somewhere near 5680 with a low around 5600 and if no bad news is there, there should be a gap up opening on Tuesday.