Nifty is trading at oversold levels and after the initial jerks, can move up in the morning session. Also, high Open Interest at 6000 PE and 5900 PE strikes suggest that these levels should not be taken out so easily.
Intraday traders watch for some support near 6030-6025 Spot levels. One can look for going Long if Nifty comes near this level in the morning session. Longs should only be kept on intraday basis for now till the time Nifty starts to show some strength. If Nifty is not able to sustain above 6030/ 6025, we may see further correction upto 5980-5935 levels which would be trend deciding levels for the Nifty.
On the upside, resistance now comes 6085-6090 levels and then at 6115-6125 levels. With the type of selling we witnessed last week, a lot of traders would have become Sellers on Rise and it remains to be seen whether Nifty manages to take out these sellers and absorb all the selling. After two trending days, I again expect the market to give both Long and Short opportunities to the traders. trade the range till we get the next confirmed move on either side.
15 Niv: Nifty spot resistance at 6095/6090-6120-6140-6160. Support at 6065-6030-5995-5980 - www.niftypower.com
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