In Yesterday's Nifty View, it was given that "... an upside break above 5695 can show 5730-5750 levels..". Nifty gave the opportunity to go long twice, above 5695, both times achieving 5725+ levels. At NiftyPower also, we took the same trade for good gains.
After breaking the support of 5700 with great effort, the Bears have conceded this level to the Bulls again. The Bulls will have hopes of recovery now. But it will be a laborious effort with strong resistances on the upside. The Options OI data show almost equal volumes of 60 lacs+ OI at 5700 CE and 5700 PE levels. This level can still be considered a 50:50 level for both the Bulls and the Bears.
For tomorrow, immediate resistance for Nifty spot comes at 5750-5760 levels. If Nifty is able to trade above these levels for sometime, it will head higher towards 5790-5830 levels, where again it is expected to face selling pressure. Trading above 5830 would make Nifty Bullish in the short term which can give another 100+ points on the upside. On the downside, support for Nifty now comes at 5690 levels, trading below which, it can revisit 5660-5635 levels. Overall, 5635 to 5835 can be considered as the broad trading range for the Nifty for now.Anyside breakout of this range will give fresh momentum for trading. Till then, trade this range.
19 Jan: Nifty spot resistance at 5750-5785-5800-5830. Support at 5705-5690-5660-5635 - www.niftypower.com
Visit here for Nifty Future Option Tips
Posts
No comments:
Post a Comment