Nifty has been moving in a straight line up, trapping all those going against the trade. The situation has become such that, unless we have a small correction/ consolidation, positional longs cannot be taken. There is no point in running after a missed bus. Better wait for the next stop. On the other hand, shorts, if taken, should be strictly for intraday purpose only, as the larger trend remains positive till Nifty Spot stays above 5770 now.
The Options OI table is given below:
There are two levels of contention between the Bulls and the Bears. They are 5800 and 5900. For now, the Bulls have the upper hand. How the Bears reacts when the impending correction comes will give further clues to the direction in April series. For now, the Bears seem to be on a ait and watch mode, while the Bulls are on rampage. 5700 and below are the strong supports, while 6000 and above are the resistances.
For tomorrow, immediate resistance for Nifty spot comes at 5920-5925 zone. If stays above this, it will target upside levels of 5950-5970 and 6000 levels also. On the downside, immediate support for Nifty spot comes at 5900/5895 levels. Below 5895, Nifty will slide towards 5880-5850 and 5835 levels. In the extreme case, 5835 should provide good support below 5880/5875 Nifty levels.
5 April: Nifty spot resistance at 5920-5950-5970-6000. Support at 5895-5880-5850-5835 - www.niftypower.com
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