In yesterday's Nifty View, it was given that intraday traders watch the level of 6125 closely and wait for 1-2 hrs. before taking a position. We told that if Nifty trades below 6125 after the initial hours, one can go short with stoploss above 6150 spot for a target of 6105 and 6070. Nifty made exact low at 6062. It was an easy trade for anyone who follows our levels.
The Nifty Options open interest data still show 6100 level as the battleground between the Bulls and the Bears with 30 lacs+ OI at 6100 CE and 6100 PE. 6000 and below is the support for now and 6200 and above is the resistance. Traders can trade this range (buying near 6000 and selling near 6200) till we see a more clear picture from the Options data.
For tomorrow, immediate resistance for Nifty spot comes at 6095/6100 levels, above which it will again try to conquer 6120/6125 levels. Above 6125, stiff resistance comes at 6150 and then at 6180 levels. On the downside, todays low near 6060 is important. If it breaks 6060, it will move down towards 6035-6020/6015 levels. The broad trading range for this market for now is 5980 to 6180. A breakout/ breakdown from this range will happen if Nifty manages to close outside this range. Till then, trade this range.
6 Jan: Nifty spot resistance at 6095-6115-6125-6145-6180. Support at 6060-6035-6015-6000-5980 - www.niftypower.com
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