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25 May: Nifty View

In Yesterday's post, it was given that till Nifty remains below 5420 Spot, it will be Bearish for the day. Nifty made a high of 5422 yesterday, and then crashed more than 50+ points from there. For coming days and for first signs of reversal now, watch this levels of 5420-5425 closely. Till Nifty gives us a close above this level, Short on every rally.

The Options OI data is given below:


The Options OI table indicate 5400 level as the 50:50 level for now. Interestingly, there wasbig addition of 14 lacs+ OI at 5300 PE levels. The Bears also added good amount of 7 lacs+ at 5300 CE levels. How the OI at 5300 changes during any downmove, will decide the the movement during expiry. Do remember that OI addition so late in the series do not matter much, and we will not give much importance to the Options table for the remaining two days of expiry.

For tomorrow, immediate resistance for Nifty spot comes at 5420/5425 levels. Staying above this, Nifty will shoot towards next resistance zone of 5450 and 5480 levels. On the downside, support for Nifty comes at 5370 levels. Below this, it will target 5355-5330 and 5295 levels. As given yesterday also,till Nifty stays below 5420 Spot, trend will be Bearish for the day.

25 May: nifty spot resistance at 5425-5450-5480-5505. Support at 5370-5355-5330-5295 - www.niftypower.com

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24 May: Nifty View

Nifty breaks down again below 5470/5450 and straightaway tested 5370 today. These levels will act as strong resistances on the way up now. Do remember that 5400 to 5600 has been well traded now. We have broken this range on the downside. This range should be conquered in one big and swift move, otherwise the Bulls have no hope. The Bears will keep Selling Rallies in this market till 5600 is conquered.

The Options OI table is given below:

We saw 12 lacs+ OI addition at 5500 PE on Friday. All of that was covered today, and some more. OI also decreased by big margin in 5600 PE, indicating that the Bulls have given up on this level, at least for this expiry. On the other side, the Bears added big at 5400 and 5300 CE levels. There was OI addition at 5300 PE also. Action at 5300 PE and 5300 CE will give indication of Nifty's movement tomorrow.

For tomorrow, immediate resistance for Nifty Spot comes at 5390/5395 level. Above this, it will head towards 5420/25 and then 5450 levels, where again, it will face stiff resistance. On the downside, support for Nifty exists at5370 levels. Below this, it will slip towards 5355 and 5330 levels. For the day, market will be Bearish till it stays and trades below 5420 level.

24 May: Nifty Spot resistance at 5395-5425-5450-5480. Support at 5370-5355-5330-5300 - www.niftypower.com

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23 May: Nifty View

After breaking down below 5470, Nifty gave a good bounce on Friday, to enter back into the trading range. It closed very near to the breakdown level. The closing price of Monday becomes important to watch now.

The Options OI table is given below:


The Options OI data indicate 5400 to 5600 as the trading range. 5400 and below are the supports, while 5600 and above are the resistances. 5500 is the battlezone level between the Bulls and the Bears. On Friday, there was big addition of 12 lacs+ OI at 5500 PE and 4 lacs+ OI at 5600 PE. If this show of confidence is anything to go by, then nifty should have expiry on a Bullish note.

For tomorrow, immediate resistance for Nifty spot comes at 5495 level. Above this, it will target Friday's high of 5520 and then 5555 levels. Above 5555, there will be another round of short covering, till 5600 levels. On the downside, immediate support for nifty spot comes at 5465 levels. Below this, it will fall towards 5445-5425 levels. Below 5430, we will see some panic among the the 5400 PE writers, who can drag the index down towards 5395-5370 and below levels.

23 May: Nifty spot resistance at 5495-5520-5555-5595. Support at 5465-5445-5425-5395 - www.niftypower.com

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17 May - Nifty View

Nifty is still trading in the range of 5470 to 5600 as given in the post of 12 May here. It tested the upper boundary last week and now is testing the lower boundary. The range has been well advertized now everywhere. Take the trade if we get the range breakout with tight stoplosses.

The Options OI data is given below:

The Options OI data also indicates 5500 as the make or break level for Bulls/Bears. 5600 and above is the resistance, while 5400 and below is the supports. 5400 to 5600 is the range indicated by the Options OI data.

For today, immediate resistance for Nifty Spot comes at 5500/5505 levels. If it manages to stay above this in morning trades, it will test 5525/5530 levels. Above 5530, intraday trend will be positive and Bulls will have the upper hand, with minor resistance at 5555 and 5585 levels. On the downside, immediate support for Nifty Spot comes at 5470 levels. If trades below this level for sometime,it will slide towards 5450 levels. Break of 5450 can cause some intraday panic towards 5400 levels.

17 May - Nifty Spot resistance at 5505-5530-5555-5585. Support at 5470-5450-5420-5400 - www.niftypower.com

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12 May - Nifty View

Nifty has been consolidating in the range of 5470 to 5600 for the past six days now. Break of this range will give the next trending move. The consensus seems to be for the downside, but market seldom follows consensus. Hence, let the market tell which way it wants to go, before taking the next move. Once this range is broken, these 130 points range will become very difficult for Nifty to scale back. Positional trades can be opened outside of this range with tight stoplosses of 20-25 points.

The Options OI table is given below:

The Options OI table gives the same picture. 5500/5600 are the levels which the Bulls and the Bears are fighting for. 5400 and below are the supports, and 5700 and above are the resistances. Once this level of 5500/5600 is resolved, the OI should decrease from the losing side. That should give us more indication of the size of upmove/ downmove expected outside of this range.

For today, immediate resistance for Nifty Spot comes at 5595/ 5600 levels. Breakout above this, will lead to short covering till 5626/5630-5660 levels and higher. On the downside, support for Nifty Spot exists at 5550/5540 levels. Below this, it will slide towards 5520-5500 and 5470 levels. As written earlier also, 5470 to 5600 is the trading range. Till it stays within this range, trade for small gains with tight stoplosses.

12 May - Nifty Spot resistance at 5595-5625-5660-5695. Support at 5545-5520-5500-5470 - www.niftypower.com

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6 May: Nifty View

The sell-off continued in Nifty today, after one day of minor pause yesterday. As given in earlier post, Sell on Rallies should be the mantra, rather than going short on breakdowns. This is to ensure a good Risk: Reward Ratio as the market is trading in Oversold region in almost all time frames.

The Options OI table is given below:

The Options OI data points show 5500 and 5600 as the battleground levels for the time being. Hence, any rally if it comes, should not be expected to go much beyond 5600 for the time being. Supports exit at 5400 and below levels. Resistance exists at 5700 and above levels.

For tomorrow, immediate resistance for Nifty Spot comes 5475/5480 and 5495 levels. Above this, Nifty will show a retest of todays breakdown level of 5515-5530 levels. If it manages to trade and sustain above 5530 for sometime, then we will see a quick short covering rally from the Bears. Till then, it is better to sell on rallies and build short positions. On the downside, immediate support for Nifty spot comes at 5420-5425 levels. Below this, it will slip to lower levels of 5395, 5370 and 5355 levels. Create short positions at Resistances during rallies. Shorting on break of supports may be profitable, but carries a very high risk, as now anytime we may see quick bounce from oversold levels.

6 May: Nifty spot resistance at 5475-5495-5515-5535. Support at 5450-5420-5395-5370 - www.niftypower.com

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4 May: Nifty View

Nifty sold off heavily today after the RBI rate hike news, finishing midway between 5500 an 5600. By doing this, it has closed below its important support zone of 5600/5610. Now, till it stays below this level, consider the Medium term trend to be down.

The Options OI table is given below:

The Options OI table show the Huge confidence of Bears at the moment. More than 1Cr of Calls were added today at various strikes. Approx. 60 lacs at 5600 CE and 5700 CE alone. On the other hand, the Bulls were much more subdued. Covering was seen at 5700 PE and higher levels, while some addition was done by the Bulls at 5600 PE and below levels. The Options OI data at present suggest a bounce at least till 5600+ levels and maximum till 5700 levels. Climbing above 5700 would be really tough for now. Todays high of 5710 would be the trend deciding level now in case the Bulls try any reversal.

For tomorrow, immediate resistance for Nifty Spot comes at 5575/5580 and then at 5610 levels. Above 5610, we will see a relief rally towards 5630-5655 and 5690 Nifty Spot. This rally can be used to build Positional Shorts with stoploss above 5720 closing basis now. On the downside, immediate support for Nifty spot now comes at 5550 levels. Below this, next supports come at 5515/5505 and 5475 levels. As Nifty is trading at oversold levels, Selling on all rallies will be more safe than selling on breakdown of supports at this point.

4 May: Nifty Spot resistance at 5610-5630-5655-5690. Support at 5550-5515-5475-5450 - www.niftypower.com

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