Today was a rangebound day for Nifty. it opened near our resistance of 5660, could not cross it, broke support of 5630/5635 and went near lower support of 5605 (low 5612). it then continued to trade between the support of 5605 and resistance of 5635, and closed at 5631. After the breakout above 5605, Nifty has been consolidating for 3 days now. A decisive move past the range of 5600 and 5700 should set the ball rolling for the next 100-150 points now.
The Options OI Charts are given below:
The Options OI charts tell the same story as yesterday. 5600 is the battlezone level between the Bulls and the Bears. There were no major additions in OI today, in either the Puts or the Calls (except for 5500 PE by the Bulls). This indicates that both of them are waiting for that decisive move above/ below 5600, before strengthening their positions. The Options table indicate a range of 5500 to 5700 as of now.
For tomorrow, immediate resistance for Nifty Spot comes at 5630/5635 level. If it sustains above this in the morning, it will head towards 5660/5680 and 5705 levels. Above 5705, it would be panic time for the Bears. On the downside, immediate support for Nifty Spot comes at 5605-5615 level. Below this, Bears will have upper hand. Lower supports/ targets below 5605 for Nifty are 5580-5560 and lower levels.
6 July - Nifty Spot resistance at 5635-5660-5680-5705. Support at 5605-5580-5560-5535 - www.niftypower.com
Visit here for Nifty Options Tips
Posts
No comments:
Post a Comment