Nifty spot is facing tough resistance to close above 5920 level. The next breakout can happen only if Nifty closes above his level. On the downside, support zone or Nifty spot comes at 5800-5830 levels. It is trading at overbought levels with negative divergences appearing in charts. Hence, a minor correction/ consolidation is playing out.
The Options OI table is given below:
The Options OI table shows a fierce battle being fought between the Bulls and the Bears at 5800 and 5900 strikes. We see almost an equal addition of CE and PE at these strikes. One of these levels should resolve today/ tomorrow, and give direction for the next 100 point move for Nifty.
For April 7, Intraday traders watch the levels of 5860-5850 on Nifty spot on the downside and 5910-5920 on the upside. Breakout above 5920 would lead Nifty spot to higher levels of 5945-5960and 5980 levels. On the downside, break below 5860-5855 would bring 5835 and then 5805-5775 levels. A close below 5800 would put a question mark on the uptrend of Nifty.
7 April - Nifty spot resistance at 5920-5945-5960-5980. Support at 5855-5835-5805-5775 - www.niftypower.com
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