9 March: Nifty View

Nifty opened at nearly the same levels as yesterday, took off immediately for upsides and then consolidated all day at higher levels. It is moving in a broad range of 5380 to 5605, and only a breakout from this range will give the next sizeable move.

The Options OI table is given below:

Yesterday, there was some surprising covering of 5600 CE. Today, that was validated by the movement of Nifty Future and we saw some more covering at 5600 CE. However, not much addition is seen at 5600 PE. This level still remains a resistance, although a bit weaker one. On the downside, Bulls added big quantity at 5400 PE and this is a clear support for this series now. 5500 is still the battlezone, which should be decided in the coming days.

For tomorrow, immediate strong resistance for Nifty Future comes at 5570-5580 level. If it crosses and sustains above this level, we might see quick short covering upto 5605-5630-5665 levels. On the downside, immediate support for Nifty Future now comes at 5495-5500 levels. Sustaining below this, Nifty will decline towards 5480/5475 which is again a good support. Below 5475, next targets would be 5445, 5425 and below.

9 Mar: Nifty Future Resistance at 5575-5605-5630-5665. Support at 5495-5480-5445-5425 - www.niftypower.com

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