12 July: Nifty View

On Monday, Nifty closed at 5616, just above its important support zone of 5605-5610. However, it did close below some important supports, which will act as resistance in case of any upmove now. In Yesterday's nifty view, it was advised to sell on rallies. From now on, Bears will have upper hand, till the time Nifty Spot trades below 5660. Hence, Sell on Rallies continues to be the mantra, till Nifty does not give us a closing above 5660.

The Options OI charts are given below:

The Options charts are not very comforting for the Bulls. Bears added big amount of shorts at 5700 CE and 5800 CE, while the Bulls covered up at 5700 PE and 5600 PE levels. 5500 to 5700 is clear range evident from the Options OI data now. 5600 is the battlezone level between the Bulls and the Bears, and neither side will give it up easily.

For tomorrow, watch the level of 5600 on Nifty Spot on the downside. Below this, nifty will slide towards lower supports of 5580 and 5550. These supports should not be easy for it to break, but if it does, then we may see some panic among the Bulls. On the upside, resistance for Nifty Spot now comes at 5630-5640 zone. Above this, it will target next resistance level of 5660 and 5680 levels. As given above , mantra is to Sell on Rallies at resistance levels, till Nifty gives us a closing above 5660 now.

12 July: Nifty Spot resistance at 5635-5660-5680-5705. Support at 5600-5580-5550-5515 - www.niftypower.com

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