Nifty opened gap down today at 5492, traded rangebound and closed at almost the same level at 5485. With this, the July series has come to a close. It was a series with just over 200 points range for the Nifty, giving many whipsaws to traders along the way.The Options OI charts are given below:
The series start with a range of 5400 to 5700 as the most important levels to start, and 5600 as the battlezone level between the Bulls and the Bears. M of the OI at 5500 CE level was added by the Bears today , as Nifty broke the level of 5500. The Bulls added more than 15 lac+ OI at 5400 PE. Hence, 5500 is the immediate levels to be resolved by the Nifty. The overall range as of today is 5400 to 5700.
For Tomorrow, immediate resistance for Nifty spot now comes at 5510 and 5525 levels. Above this, it will attempt its strong resistance zone of 5540-5550. Above 5550,next strong resistance zone will 5580-5605. On the downside, support for Nifty Spot comes at 5470 levels. Trading below this, the intraday remain will remain Bearish and Nifty will test its lower support levels of 5435 and 5370 levels.
29 July: Nifty Spot resistance at 5510-5525-5550-5585. Support at 5470-5435-5410-5370 - www.niftypower.com
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