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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