23 March: Nifty View

In yesterday's Nifty View, it was given that ".. immediate resistance for Nifty Future comes at 5410-5415 levels. Above this, it will target today's VAH of 5425-5430. If manages to cross and sustain 5430, we will see some quick movement towards higher levels of 5450/5480/5500..". Nifty Future opened right at resistance level, made high of 5409 in opening, and made a low of 5387. Thereafter, it crossed its resistance zone to make a high at 5448.

On the Options front, we saw profit booking at almost all the strikes, except for 5400 PE, where there was good addition of 9 lacs+ OI. The Options table is given below:

5400 is the current battlezone between the Bulls and the Bears, with a slight positive bias. 5500 and above are the resistances while 5300 and below are the supports. Looking at the Options data, Nifty's range for this expiry seems to be 5350 to 5500/5530.

For tomorrow, immediate resistance for Nifty future comes in at 5450-5455 levels. If it sustains above this, it would test higher level resistances of 5475-5500. With the high open interest at 5500 CE, crossing and sustaining above this would be difficult for at the moment, and we will see sellers emerge near these levels. On the downside, immediate support for Nifty Future comes at 5420-5415 levels. Below this, next targets would be today's low of 5385/5390 and then 5370-5350. Below 5350, there would be panic selling in the market as the 5400 PE writers will be forced to cover.

23 Mar: Nifty future resistance at 5450-5475-5500-5530. Support at 5415-5390-5370-5350 - www/niftypower.com

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