On Wednesday, Nifty tried hard to climb higher on good global cues, but was unable to sustain the higher levels and slipped in the afternoon to close at nearly the lows of the day.
The Options Open Interest Table is given below:
The Battleground has shifted from 5600 to 5500 now with the Bears having an upper hand at this level. 5400-5350 is where the Bulls have a lot of support. If these levels break with corresponding unwinding in 5400 Puts, expect panic selling for much lower levels.
For today, watch the levels of 5400-5405 on the downside and 5445-5450 on the upside. Below 5400, Nifty will slide further towards 5370-5350 levels. Break and close below 5350 will bring real panic in the market. However, expect at least an intraday bounce from these levels, even if Nifty has to break it at a later stage. On the upside, immediate resistance for Nifty comes at 5445 levels, above which, it will again 5460-5495 levels.
3 Feb: Nifty spot resistance at 5445-5460-5475-5495-5525. Support at 5400-5370-5350-5300 - www.niftypower.com
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