8 March: Nifty View

In Yesterday's Nifty View, it was given that "It is very much possible that the post budget rally might have ended. A close below 5400 would confirm it. Till then, consider the short term trend to be up ". Nifty did look like breaking down in the morning trades, however, it took support at 5400 level and closed midway at 5466. The levels and Options data point to exactly the same range as yesterday.

The Options OI table is given below:

The only surprise in the Options table is the huge covering of 5600 CE by the Bears. 5500 still remains the battlezone with a slight advantage to the Bears. However, that can change quickly in intraday. 5400 and below are the supports, with 5400 PE having the highers open interest. 5600 and above ramin the resistances, inspite of the big covering seen at 5600 CE. The range for Nifty still stands at 5400-5380 to 5605-5630 Spot. Breakout from this range should give the next sizeable move. Till Nifty stays below 5630 level, we will be biased for a downside break now.

For tomorrow, imemdiate support for Nifty Future comes at 5440-5435 levels. Below this, we would see it testing todays low again and slide further towards 5390-5350 levels. On the upside, immediate resistance for Nifty Future comes at today's opening level of 5500 and 5520 above that. If manages to cross 5500, it would target higher levels of 5550-5580 and 5605 levels.

8 Mar: Nifty Future resistance at 5500-5520-5550-5580. Support at 5440-5425-5390-5365 - www.niftypower.com

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March 7: Nifty View

On Friday, In spite of good global cues, Nifty failed to conquer 5600 level. The fresh trigger to make it jump over the 200 DMA is missing, with negative news filtering in every other day. It is very much possible that the post budget rally might have ended. A close below 5400 would confirm it. Till then, consider the short term trend to be up. 5400 - 5650 is the narrow trading range for Nifty as of now.

The Options table is given below:

From the options table, 5600 CE has the highest OI. This is expected and furhers the importance of 5630-6650 level. This would be a huge level to cross and sustain for the Bulls. 5630 gave solid support to Nifty on the way down. Now, that same level would act as a tough resistance. 5500 is the current battlezone between the Bulls and the Bears, while 5400 and below are the supports. A fall below 5470 Spot would give the Bears an upper hand, and we will see more addition at 5500 CE.

For today, immediate support for Nifty spot comes at 5505-5510 levels. Below this, Nifty will slide towards 5475-5455 and below levels. Till the time it stays below 5475-5470 levels, Bears will have control of the market and Longs should be avoided. On the upside, the resistance for Nifty spot comes at 5550-5555 levels. Above this, it will head towards 5580-5600 and 5635 levels, where again, it will face selling pressure.

7 Mar: Nifty spot resistance at 5555-5585-5610-5635. Support at 5505-5475-5455-5420 - www.niftypower.com

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3 March: Nifty View

Nifty gave a stupendous rally on Tuesday, making up for all the Lost gains of Budget and much more. It stopped just short of tough resistance zones of 5550-5560, and looking at the world markets, it seems we might have to wait a little longer before this level is taken out. However, it did cross some important levels on the way up, and it would be interesting to see how it reacts at these levels on its way down. Whatever happens, it would be interesting times for Positional and Intraday traders both, in the coming weeks, as the market would throw several opportunities to trade.

The Options OI table is given below:

Bulls did go on a rampage, writing big number of Calls at 5300, 5400 and 5500 levels. 5300 seems to be the for this market now, up from 5200 of last series. Any close below 5300 would create panic now, and fresh positional shorts should be taken only if this levels breaks. The Bears, on the other hand, are slowly building resistances at 5600 and above, hoping to keep Nifty below its 200 DMA for now.

For tomorrow, immediate resistance for Nifty spot comes at 5555-5565 levels. Only on sustaining above these, Nifty would attempt 5600 and 5640 levels. Immediate support now comes at 5490-5480 levels. If these break, it would further fall till 5445-5420 and lower levels. As given in previous post also, as market volatility is good, buying/selling after the breakout/ breakdown would fetch better trades as compared to Buying/ Selling at Supports/ Resistances.

3 Mar: Nifty spot resistance 5560-5600-5625-5660. Support at 5505-5480-5445-5420 - www.niftypower.com

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