In yesterday's Nifty View, 5545 Spot was the level given for a breakout on the upside. After some reluctance at this level in the morning trades, Nifty made a smart move of 80+ points on the upside. Thereafter, it consolidated at the higher levels.
The Options Open Interest data table is given below:
5400 has become a strong support zone with almost 93 lacs+ OI at 5400 PE. 5500 and 560oo are the levels, at which the battle between the Bulls and the Bears will be fought now. Above 5600, stiff resistance still exists for Nifty. As of now, 5350 to 5660 seems to be the rangefor the Nifty for this expiry.
For tomorrow, immediate strong resistance for Nifty comes at 5545-5550- spot levels. If Nifty opens below and then is able to conquer these levels, it will move higher to test the levels 5580 and 5625. On the downside,support exists at 5500 levels, below which, it will test 5465-5445 on the downside. Below 5445, we would again see fresh selling.
4 Feb: Nifty spot resistance at 5545-5580-5600-5625. Support at 5520-5500-5485-5465 - www.niftypower.com
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