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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