10 March: Nifty View

The levels given in yesterday's post worked out pretty well. The resistance for Nifty Future was given at 5570-5580. It opened near those levels and started declining straight away. 5475/5480 was indicated as a good support. It made a low at 5477 and then again climbed back up to test the upper resistance of 5570-5580 before finally settling at 5532. Nifty continued to trade within its rage. The important levels to watch out remains the same as yesterday.

The Options OI table is given below:

After two days of unwinding in 5600 CE, the Bears have started adding again. 5600 CE witnessed an OI increase of nearly 8 lacs, while there was small unwinding of 5400 PE and 5300 PE. The options table remains the same as tomorrow, with 5500 being the battle zone between the Bulls and the Bears. 5600 and above is the resistance, while 5400 and below are the supports. 5380 to 5610 is the range which is indicated by the options table. Only aa move past these levels will give a sizeable in the Nifty.

For tomorrow, immediate resistance for Nifty Future comes at 5570-5575 levels, above which, it will target recent highs of 5605-5610 levels. moving above 5610, the next for Nifty would be its 200 DMA. On the downside, immediate support for Nifty Future comes at 5515-5505 levels, below which, it will target 5490-5475 levels. Below 5475, the targets would be 5445 and 5425.

10 Mar: Nifty future resustance at 5575-5605-5630-5660. Support at 5510-5490-5475-5445 - www.niftypower.com

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