Today, nifty future opened up above its resistance zone of 5480-5485, tested it during intraday and then shot up to reach 5570+ levels. With this, we closed our Positional Long trade today. gaining 100+ points. The month of May has been very good for us, and we hope to continue with similar performance in future. BTW, the update for positional longs was also given free on Twitter and Smsgupshup. Readers who would wish to receive our updates on their mobile can join our group on any of these websites.
The Options OI Table is given below:
The Options OI table indicate support for th Nifty at 5400 and 5300 levels, while resistance is at 5600 and above levels. The Bulls added Puts today at 5300 to 5600 strikes, while the Bears covered Calls at 5500 levels, and added some 5600 and above levels. 5500 is the battlezone level, with a positive bias for the time being.
For tomorrow, immediate resistance for Nifty spot comes at 5580-5585 levels. Above this, it will target the next strong resistance zone of 5615-5630. A close above 5630 will arrest the downtrend for the time being. On the downside, support for Nifty spot now comes at 5550/5555 levels. If it slips below this, it will test lower supports of 5505-5490 and 5470 levels. Till the time it stays above 5430 for now, dont be too Bearish.
1 June: Nifty Spot resistance at 5585-5615-5635-5660. Support at 5550-5505-5490-5470 - www.niftypower.com
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