April 28: Nifty View

Today is Expiry. This series has been a volatile series with a range on approximately 200 points between 5700 to 5900. It has formed a well defined resistance now at 5900-5920 levels and support at 5700 levels. Breakout from this range is expected to give the next sizeable move.

The Options OI table is given below:

The Options OI show bug addition by the Bears at 5900 CE and 6000 CE strikes. Such a big addition in OI, so near to the expiry is always a cause of concern. On any upmove today, these guys can panic, which can lead to the much awaited breakout above 5920 Spot. For the Bulls, we saw OI being reduced at almost all the Puts. 5700 is the sensible and strong support.

For today, the range to watch is 5820 to 5870 Nifty Spot. Below 5820/5810, Nifty becomes beak for further slide towards 5785-5750 levels. On the other hand, above 5870, it will again test its resistance zone of 5900-5920 and 5945 levels. Above that, we will see panic from the Bears.

28 April: Nifty spot resistance at 5870-5895-5910-5945. Support at 5820-5805-5785-5745 - www.niftypower.com

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25 April: Nifty View

After the strong rally of 500+ points, Nifty has been consolidating in the broad range of 5700 to 5920. Currently, it is t the upper end of the range. We have expiry of April contracts next week, and it will be interesting to see whether it is able to breakout of the range before expiry or not.

The Options OI table is given below:

The Options OI table point to an expiry between 5800 and 6000. 5900 is the immediate battleground level between the Bulls and the Bears with a slight advantage to the Bulls. This level should resolve early next week, and we will get further clues as to whether the Nifty is going to expire near the lower end or the upper end of the trading range.

For tomorrow, the deciding levels for Nifty spot are 5865/5850 on the downside, and 5900/5910 on the upside. Below 5850, the intraday trend would remain negative, and we can see slide towards 5825-5800 on Nifty Spot. On the other hand, if Nifty spot manages to trade in positive and clear resistance of 5900/5910 on the upside, then we can see a rise upto 5930-5950. Clearing 5950, will trigger stoplosses of many Bears and will lead to a quick rally.

25 April: Nifty spot resistance at 5905-5930-5950-5980. Support at 5865-5850-5825-5800 – www.niftypower.com

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