Nifty Views from NiftyPower

[NiftyPower]

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.

Hi a1b1trader,
IMO, the first resistance zone of 5750-5780 itself should provide stiff resistance. Same can be deduced from the Option Charts also. However, if it is able to cross the first resistance zone, I will be re-analyzing to see whether to open an aggressive long, or to wait for 5890 to be taken out also.

 

[NiftyPower]

10 July - Nifty View

On Tuesday, Nifty Future opened Gap up on positive global cues, but then traded in a narrow range for the entire day, before closing near 5870 level. Over the past two weeks of trading, Nifty future has now formed a well defined resistance at 5895-5905 level, and support at 5750-5770 level. A break from this range should give a tradeable move for Positional Traders. Till then, its better to do more of intraday trades, and be safe from the increasing number of Gaps during the opening.

The Nifty Option Open Interest Charts are given below:

In Nifty Options, the Bulls added a huge quantity of 10 lacs+ Open Interest at 5800 PE strike. On the other hand, the Bears only added a small quantity at 6000 CE strike. Overall, 5600 PE for the Bulls, and 6000 CE for the Bears, are the strikes which are showing the highest open interest. In between, 5800 is developing as a support, while 5900 is developing as a minor resistance. The writers at one of these strikes should give way sooner or later.

For tomorrow, immediate resistance for Nifty Future now comes at 5875 and 5895/5905 levels. If the Bulls manage to take out these levels, a short covering rally can be expected. On the downside, support for Nifty Future comes at 5850 and then at 5835-5815 levels. Tomorrow, strength in Nifty Future can be expected above 5900 and weakness below 5850 level. In between, trades based on intraday indicators can be taken.

10 July - Nifty Future resistance at 5875-5895-5905-5935. Support at 5850-5835-5805-5790

 

[NiftyPower]

22 July - Nifty View

On Friday, Nifty Future opened flat, and traded in a narrow range during the day, facing resistance in the 6070/6080 zone. The short term trend remains up, and Positional traders holding long positions can keep a tight stoploss near 5980/5970 level on closing basis, which is the first and immediate support level for Nifty Future. Below this level, 5930 will be the trend deciding level, and any Positional Short trade is advised only when Nifty Future gives a close below this level. Hence, in summary, its a Buy on Dips market till 5970, Choppy trades expected between 5930 to 5970, and a Sell market below 5930 Nifty Future level.

The Nifty Options Open Interest Charts are given below:

In Nifty Options, the Bulls strengthened their positions at 5900 PE strike, where they added a big quantity of 12 lacs+ Open Interest. Profit booking was also seen at Nifty Options of 5700 PE and 5800 PE. On the other hand, the Bears added a big quantity of 13 lacs+ Open Interest in Nifty Options of 6200 CE. Overall, 5900 is the rock solid support level for this series, as is seen from the Nifty Option Charts. The Open Interest at 5900 PE strike is touching 1 Crore now, which is always a good sign of strength. The level of 6000 is the present 50:50 level between the Bulls and the Bears, with almost equal Open Interest. However, there are no clear resistances visible yet in the Option Charts.

For Monday, immediate resistance for Nifty Future now comes at near 6045/6050 level. If the Bulls manage to keep Nifty Future above this level, they will have to deal with the next immediate resistance level at 6065 and 6075/6080. Once above 6080, Nifty Future can quickly climb towards 6135/6140 level. On the downside, support for Nifty Future comes at 6030 level. The Bears will have an upper hand below this level, and they can take Nifty down to test support levels at 6010-5990 and 5975.

22 July - Nifty Future resistance at 6050-6065-6080-6095. Support at 6030-6010-5990-5975

 

[NiftyPower]

29 July - Nifty View

On Friday, Nifty Future opened slightly up, but was not able to sustain higher levels, and closed just below its support of 5930, forming an Inside Day in the process. Nifty is at the crossroads right now, with the immediate short term trend being down. Hence, it can be considered a Sell on Rises, till the time it is trading below the important levels of 5980/6000. On the downside, supports exist near 5865 and then at 5815/5790 levels.

The Nifty Options Open Interest Charts are given below:

On the first day of the series, good addition in both Call and Put Options was seen,a s expected. While the Bulls added 15 lacs+ Open Interest in Nifty Options of 5900 PE and 6000 PE strikes, the Bears also added 18 lacs+ Open Interest in Nifty Options of 6200 CE and 6300 CE strikes. Overall, the Nifty Option charts are still developing, but at the start of the series, 5800 PE has the maximum Open Interest for the Bulls, while 6000 CE has the maximum Open Interest for the Bears. 5900 is the current 50:50 level between the Bulls and the Bears.

For Monday, immediate resistance for Nifty Future now comes near 5950 levels, above which, lies the all important resistance zone of 5980/6000. As given earlier, any rise to resistance levels in Nifty Future can be considered as a Selling Opportunity, with Stoploss above 5980. On the downside, support for Nifty Futures lies near 5930 and then at 5905/ 5900 levels. These levels have given support to Nifty Future for the past two trading days. Break of these should bring more momentum to the downtrend.

29 July - Nifty Future resistance at 5950-5980-6005-6030. Support at 5930-5905-5890-5865

 

[NiftyPower]

5 Aug - Nifty View

On Friday, Nifty Future made its consecutive eighth Down bar on Daily charts, and closed near 5700 level. It also formed a new low on Friday. The zone of 5670/5690 is the close of the biggest Bear Bar this year, that was in February. It is the lowest level for Nifty Future on monthly closing basis. Hence, after a continuous losing streak of eight days, some respite for Nifty Future can be expected next week. The short term trend remains down at least till Nifty Future is not able to give a close above recent swing high of 5841. For Positional traders, this should be the Stoploss for the Short trade. However, since Nifty Future is well below the Stoploss level, and a bounce may be expected soon in Nifty, safe traders can take some profit off the table, and wait and watch for the bounce at least for the first half of next week. Thereafter, a re-entry may be taken in the short trade, either on a bounce till some resistance level on the way up, or if the bounce does not materialize, then a break of supports near 5670 or 5630 will be a short signal. But as of now, mantra for the Safe Trader is "Sit on the Sidelines and Watch".

The Nifty Options Open Interest Charts are given below:

In Nifty Options, both the Bulls and the Bears built up some positions on Friday. While for the Bulls, 5600 PE was the strike in focus, where they added 10 lacs+ Open Interest, for the Bears, it was 5700 CE, where they added 11 lacs+ Open Interest, Overall, although the Option Charts are still developing, the Bulls can be seen building supports by writing Nifty Put Options of 5600 and 5700, while the Bears are building resistances by writing Nifty Call Options of 6000 and 5900/ 5800 strikes.

For Monday, immediate resistance for Nifty Future now comes around 5720 and 5735 levels. Above this, Nifty Future will face stiff resistance near 5750/5765 levels. Only on closing above these resistances, can the Bulls hope for some sort of Pause to this downtrend, and maybe a relief rally till 5795/5820 and 5845 levels. On the downside, support for Nifty Future comes at 5690 and 5670 levels. Below these levels, the Bears will continue to press Nifty Future lower towards 5635 and 5605 levels. For Monday, any long trade will not be advised if and till the time Nifty Future trades below 5700 level.

5 Aug - Nifty Future resistance at 5720-5735-5750-5765. Support at 5695-5670-5635-5605

 

[NiftyPower]

2 Sep - Nifty View

On Friday, Nifty Future traded with great volatility but managed to end the third consecutive day in the green, and closed near 5456 level. The recent downmove in Nifty has dented the confidence of a lot of bulls, but there are some encouraging signals for them on the charts. On weekly charts, Nifty future has formed two consecutive bullish pin bars now. Further, on Daily Charts, RSI has shown a clear positive divergence from oversold levels. Hence, next week, aggressive traders can try some small Positional long trades with Stoploss around 5350 Nifty Future level initially. A move above recent high near 5530 will give more confidence to the bulls, and positions can be added if Nifty Future moves above that level. On the downside, fresh shorts can be considered if Nifty future gives a close below 5350 now.

The Nifty Options Open Interest Charts are given below:

On the Nifty Options front, positions are still building up as it is the start of the series. However, the only strike price that stands out is that of Nifty 5300 Put. It has the highest amount of Open Interest as of now, indicating that this level may act as some kind of support now. Also note that, from this series, NSE has reduced strike price intervals in Nifty Options to 50. Click here to read the NSE Circular for the same. We still have to see how it affects the liquidity in Nifty Options Strike prices in this series.

For tomorrow, immediate resistance for Nifty Future comes at around 5480 level. If the Bulls manage to take it above this level, the next major resistance ill come at 5525/5530 and then at 5590 level. On the downside, support for Nifty Future comes at 5440/5450 zone. Below these levels, the Bears should dominate the Bulls, and can take Nifty Future down towards 5405/5390 and 5355/5360 levels.

2 Sep - Nifty Future resistance at 5480-5500-5530-5550. Support at 5445-5405-5390-5355

 

[NiftyPower]

10 Sep - Nifty View

On Friday, Nifty future opened flat and after an initial hiccup, continued its uptrend to close another strong day near 5700 Nifty Future level. Nifty Future is now near striking distance of a very strong resistance near 5750/5760, from where the really volatile downmove started. A strong move and close above this level will give further credibility to this upmove, and fresh buyers will enter into the market. However, failure to do so will mean an unclear direction for Nifty Future, and then we will have to see how Nifty Future reacts at immediate gap support level of 5545. Between the 200 point range of 5545 to 5750, it is better to trade both sides on intraday basis. Also note that Nifty Future is forming higher lows and higher highs on Daily Charts, hence, bias of traders should be on the upside, as long as this pattern is not broken, or at least till 5545 is being protected on closing basis.

The Nifty Options Open Interest Charts are given below:

On the Nifty Options front, there was not much activity by both the Bulls and the Bears on Friday. The Bulls were active in Nifty Options of 5400 PE to 5700 PE, where they cumulatively added 27 lacs+ Open Interest. On the other hand, there was hardly any Open Interest added in Call Options on Friday. Overall, 5300 PE remains as the strike with highest Open Interest, indicating that this will be a strong support area for Nifty Future in this series. On the other hand the highest Open Interest in Calls is at 5700 CE strike. However, the Open Interest at all other strikes is too less at this stage to term them as key resistance or support levels. 5600 is the 50:50 level between the Bulls and the Bears as of now.

For Tuesday, immediate resistance for Nifty Future now comes at 5705/5710 levels, above which, the Bulls should be able to take it to higher levels of 5725/5745 and 5760. As given earlier, above 5760, fresh buyers will be expected to enter into the market, and we can see another rally in Nifty Future. On the downside, support for Nifty Future comes at 5670/5660 levels. Below this, there can be an intraday correction towards 5625/5615, and 5585 level.

10 Sep - Nifty Future resistance at 5705-5725-5745-5760. Support at 5665-5620-5605-5585

 

[NiftyPower]

21 October - Nifty View

On Friday, Nifty Future, after giving a breakdown signal on Thursday, reversed and gave a Breakdown Failure, and rallied more than 100+ points to close above 6200+ levels. The short term trend remains up in Nifty, and will be considered up as long as it remains above 6050-6080 levels. For aggressive traders, 6150/6130 will be the immediate support levels, which can also be considered as a Stoploss for Long trades. Nifty Future is trading near important resistance levels, it is also within striking distance of all time highs. The Oscillators are reaching overbought levels. Inspite of all the uncertainty, price is showing strength, and that is what traders should follow, unless proven otherwise. Hence, in summary, the correct trade right now is a Long Trade. 6130 can be aggressive Stoploss or Stop and Reverse for Long Trades. Downtrend to be confirmed by a close below 6080/6050, below which Shorts with Full position can be opened.

The Nifty Options Open Interest Charts are given below:

On the Nifty Options front, Friday was the Bull's Day Out. They added a huge amount of 32 lacs+ Open Interest in Put Options of 6100 PE and 6200 PE. On the other hand, the Bears were seen covering their positions in Nifty Option of 6200 CE. Overall, 6000 PE and 5700 PE are showing the highest Open Interest in Puts for this series, indicating strong support at these levels. For the Bears, 6300 CE has the highest Open Interest as of now. 6200 is the current 50:50 level between the Bulls and the Bears.

For Monday, immediate resistance for Nifty Future now comes at 6215/6220 levels, above which the Bulls will target 6250-6270 and 6285 levels. The Bulls will continue to have an upper hand, as long as Nifty Future stays above 6200 on Monday. On the downside, immediate support for Nifty Future comes at 6200/6190 level. Below this, the Bears can take it down towards supports at 6165/6150 and 6130 levels. Buying is expected to come at all these levels, and Bears will gain an upper hand only if they are able to close Nifty below 6130 level.

21 Oct - Nifty Future resistance at 6220-6250-6270-6285. Support at 6190-6165-6150-6130