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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