Nifty starts the New Year with a Bang! It gapped up above its resistance zone of 6145-6150 and then took support exactly within this zone on intraday corrections. These levels will be crucial if Nifty has to make new highs again. Forget them for now, But if and when Nifty conquers the 6200 level, these levels will be important in case of corrections.
The options OI data show the restlessness of the Bulls to quickly take this market up. They have already piled up big OI in excess of 50 lacs+ at Puts of 5800, 5900 and 6000 levels. 6100 PE and 6200 PE is also quickly catching up with additions of 5 lacs+ and 9 lacs+ at these two strikes today itself. On the other hand, the Bears seems to be taking it slow. The only immediate strikes where they are showing some conviction are 6200 CE and 6300 CE. As of now, 6200 and 6300 seems to be the resistances while 6100 and below seem to be the support zone for the Nifty. The coming days will give more clarity on the intentions of the writers.
For tomorrow, immediate resistance for Nifty Spot comes at 6165/6170 levels above which, it should target 6190-6210 levels. On the downside, support comes in at 6145/6150 levels below which, Nifty will slide towards 6125-6105 levels. Considering that Nifty is still hovering in overbought zones, we would be more comfortable in going Long if Nifty gives a Dip towards the Support levels. Whether that Dip comes by breaking the immediate Support levels mentioned above or by first reaching the immediate resistance zone mentioned above and then falling, is what we will watch out for tomorrow.
4 Jan: Nifty spot resistance at 6165-6175-6195-6210. Support at 6140-6125-6105-6070 - www.niftypower.com
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