The above Chart depicts the state of the Nifty as of now. And that is Indecisive. Both Bulls and Bears will be worried of their positions as of now. For the Bulls, a close/ decisive move below 5880 would be a first alert to reduce their positions and a close/ decisive move below 5820 would, in a all probabilities end this upward correction. For the Bears, Nifty holding 5880 and conquering 5930-5940 would be a cause for worry.
The Options OI data also gives 5900 as a 50:50 level, which has still not been resolved in these three days of traing. Tomorrow being the last trading day of this week (Friday is a holiday), it remains to be seen whether we get some decisive moves tomorrow or whether we will have to wait for next week to get a decisive move. 6000 is still the toughest resistance while 5800 is the strong support as per the Options data of today.
The silver lining in this indecisive period is the Volatility, which is giving the Day Traders some very good opportunities to earn both on the Long and Short sides. For tomorrow, watch the level of 5915-5935 Nifty spot for resistance and 5880-5860 Nifty spot for support. Anyside breakout can give some quick movement either side. Till we get a breakout, trade the broad trading of 5860 - 5935.
16 Dec: Nifty spot resistance at 5915-5930-5945-5965-5995. Support at 5880-5865-5850-5820-5805 - www.niftypower.com
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