29 Dec: Nifty View

Nifty put in a lackluster day today two days before expiry. Whole day it kept hovering between our first resistance of 6015 and support of 5990.

The Options OI data has an interesting pattern to show. The OI added at 6100 CE yesterday was cleared today. However, the data shows addition at 6000 CE today. Some people sure has guts! January Options OI data shows big addition of over 7.5 lacs OI at 6000 PE levels. Seems like the Bulls are getting confident of taking the Nifty higher in coming days.

For tomorrow, initial resistance for Nifty Spot again comes at 6010-6015 levels. If it manages to stay above these levels, it will again try to target 6035-6060 kind of levels. On the downside, good support exists at 5975-5970 levels. Below these levels, Nifty will try to test lower levels of 5955-5935. Below 5935, we will some panic in the market. Trade the range of 5975 to 6030 till we get a confirmed breakout/ breakdown on either side.

29 Dec: Nifty spot resistance at 6015-6035-6060-6080. Support at 5990-5975-5955-5935 - www.niftypower.com

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