In Yesterday's Nifty View, the downside support was given as 5250, below which targets were 5225 and 5205. Nifty made exact low at 5202. The upside resistance was given at 5295, which was not reached.
In intra moves, Nifty tried to make a smart recovery in the afternoon, but failed to cross its resistance zone of 5280-5285 yet again, and closed right at its support zone of 5220-5225. Positionally, upside levels of 5280 and 5340 has now become very important for Nifty, if it wants to stage any sort of recovery. Having said that, if a recovery has to come, it should come soon enough as many Index stocks like SBI, Reliance etc. are on the verge of breakdown.
The Options table is given below:
Although the Bulls covered 5300 PE and 5400 PE, these two levels are still 50:50 rather than favoring any one side. Bears added a lot of 5200 CE, but still there are enough open interest at 5200 PE to call it a good support. On the upside, 5500 and above levels can be considered to be resistance levels.
For tomorrow, immediate resistance for Nifty spot comes at 5245-5250 area, above which,it will again try to conquer its resistance zone of 5275-5285. If stays above 5285 for some time, short covering will take it to 5310-5330 levels, where again selling pressure will emerge. On the downside, support for Nifty spot now comes at 5200-5195. This is not a well established support, but based on past data. Below this level, Nifty will slide towards 5170-5150 levels, where it is expected to get a bounce from oversold levels. Failure to hold 5150 would lead to quicker falls in the market.
11 Feb: Nifty spot resistance at 5250-5275-5310-5330. Support at 5220-5195-5170-5150 - www.niftypower.com
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