In Yesterday's post, the upside resistance for Nifty spot was given as 5335-5340. Actual high made = 5339.45. For downside trades, it was given that "...On the downside,immediate support comes at 5285-5280 levels, below which it will slide towards 5260-5240 and lower..". Nifty gave two opportunities for the short trade, one in the morning and then again in the afternoon, both times achieving lower targets below 5280 Spot.
Today's action in the afternoon would have given a ray of hope to the Bulls. After many days, some sort of support was seen in a falling market, and Nifty recovered 50+ points from the lows of the day. Today's low of 5225 would be an important level to watch for any further downside from here.
The Options Open Interest table tell the story of the sort of volatile month that we are having. Neither the Bulls, nor the Bears are ready to add Calls or Puts in a major way. The table is given below:
The battlezone between the Bulls and the Bears seems to have shifted lower to 5300 and 5400 levels. 5500 and above are the resistances and 5200 and below are the supports. From the table, a range for the Nifty can be deduced to be 5160 to 5445.
For tomorrow, immediate resistance for Nifty spot comes at 5295-5305 levels. If Nifty manages to stay above these for sometime, it will move higher toward 5320-5340 level, where again it will face selling pressure. Trading above 5340 would give the Nifty a short term push for even higher levels of 55365/5370. On the downside, support for Nifty spot comes at 5250-5245 levels. Below this, Nifty would again test today's low of 5225, break of which would lead it to 5205-5170 levels.
10 Feb - Nifty spot resistance at 5300-5320-5340-5365. Support at 5280-5245-5225-5205 - www.niftypower.com
Posts
No comments:
Post a Comment