It is Expiry Day. There has been enough drama already in this series already. A finish above 5800, or below 5600 would be apt for the climax! While there are slim chances of this actually happening, but this series has been anything but predictable. Hence, an expiry at or near 5700 levels (to which the data is pointing), would not be an apt ending for this series. Lets see whats in store for us.
For tomorrow, resistance for Nifty Spot comes at 5710 levels, above which, it will again try to attempt 5730-5750 levels. Above 5750, the game for 5800+ will be On. On the downside, support for Nifty Spot comes at 5670-5665 levels. If this level breaks, next support comes at 5635 levels, below which, the game for 5600 and below will be On. Traders can try for a straddle of 5700 PE and 5700 CE, if they get it at a premium of less than Rs. 20. That would be a low risk, and a high reward gamble on Expiry Day.
27 Jan: Nifty spot resistance at 5710-5730-5750-5790. Support at 5675-5660-5635-5605 - www.niftypower.com
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