27 July: NIfty View

In Yesterday's Nifty View, we had mentioned that though the technicals look good for a breakout right now for the nifty, it should respect the supports in case of any downmove to give more credibility to the upmove. The RBI played spoil sport today, and Nifty fell more than 100 points, to close at 5572 today. It broke the supports that it had formed on its way up. These levels would now be the resistances going up. On the downside, previous low of 5530 and 5495 are the supports to look out for. Below these. there will be bloodbath.

The Options OI Charts are given below:


Todays move is is a good reminder why to not pay too much importance to the Options data in the last few days of the expiry. Todays move was exactly opposite to the yesterday. The range for expiry as per the Options table is back to 5500 to 5700 now.

For tomorrow, resistances to look out on the way up for Nifty Spot are 5595-5610-5635 and 5665 levels. Immediate support for Nifty spot comes at 5550 levels. Below this level, Bears will target 5530 and 5495 levels. Below 5495, there will be further panic among the Bulls. Trade as per the levels and momentum indicators for tomorrow.

27 July: Nifty spot resistance at 5595-5610-5635-5665. Support at 5550-5530-5495-5450 - www.niftypower.com

Visit here for Nifty Tips