30 Aug: Nifty View

The Bulls came back on Monday, and How! We had a target of 4845 and 4890 on our minds above 4800. It rallied much more than that. Now, it needs to give a close above 4960 for the trend to become Neutral in the short term. Otherwise, the downtrend will resume. On the downside, the support area of 4845 and breakout point of 4815 should hold now for the uptrend to continue. otherwise, it will be time to enter shorts again for much lower targets. We will make our plans as the levels develop. As of now, play for the long side as long as Nifty holds 4900 on closing basis.

The Option OI charts are given below:
From yesterday's Option OI charts, 4800 was being indicated as a support, even though Nifty had slipped below it. Now we know why? For today, the movement in Options was on expected lines. The Bears covered OI of more than 11 lacs+ at 5000 CE and lower levels. The ulls on the the other hand added 27 lacs+ OI at 4600 PE to 5000 PE strikes. The Bears also added big amount of OI at 5100 CE and above strikes. Overall, 4800 and below are the supports that are indicated from the Options data. 5100 is the resistance. 4900 is the 50:50 level and 5000 is a minor resistance.

For tomorrow, immediate strong resistance for Nifty Spot comes at 4950/4960 range. If it manages to trade above these, it will target 5000 and higher levels of 5050-5070. On the downside, support for Nifty Spot comes at 4905 level. Intraday tarders can go short if it sustains below this level, for target of 4870 and 4850 levels. Below 4850, todays breakout point around 4815/4820 will come into the picture. As written earlier also, consider the trend to be positive and buy on dips tomorrow with stoploss placed at 4900 , below which, iIfty may slide to lower levels.

30 Aug: Nifty Spot resistance at 4955-4995-5020-5055. Support at 4905-4870-4850-4815 - www.niftypower.com

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29 Aug: Nifty View

Nifty finally broke and closed below the much advertised level of 200 week SMA on Friday. Such highly advertised support and resistance levels usually get broken in the market. The wise thing to do is, Never look for Supports in a Falling market. Look for Resistances. If the market is able to take out the resistances, only then it the downtrend should be considered to have halted. A lot of traders tend to Buy at the Supports in falling markets, which eventually get broken. A better thing to do would be to Buy on breakout above resistance, with a tight stoploss below the breakout point. These resistances to look out for now are the earlier support levels.

The Options OI charts are given below:From the Open Interest charts, support for Nifty comes at 5700 and below levels. 4800 is a minor support level (surprising since Nifty is below the 4800 level as of now). 4900 is the 50:50 level and 5000 is a minor resistance. We would let the ranges develop over the next week. NExt week being a shortened week, lot of Option writing and decay in Option Prices is expected to happen. That would also give a much more clear picture on the starting range for the September series.

For tomorrow, immediate resistance for Nifty Spot comes around 4795-4800 levels. If it manages to sustain above this in morning trades, it will target higher levels of 4845 and 4890 levels. On the downside, support for Nifty Spot comes at 4720 level. Below this, next support to look out for are 4675 and 4645 and 4605. The bias for the day would be negative as long as Nifty trades below 4780 tomorrow.

29 Aug: Nifty Spot resistance at 4795-4820-4845-4890. Support at 4720-4675-4645-4605 - www.niftypower.com

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24 August: Nifty View

One day left to Expiry, and the Bulls are finally trying to make a comeback in this series. Two days earlier it was mentioned that the much advertised 200 week SMA may be the last hope for the bulls. That hope seems to have worked. Nifty should clear and stay above 4960 now, for the Bullish to be kept alive. That is where the stoploss should be on a closing basis, for longs entered today.

The Option OI charts are given below:


The Options OI charts are not to be considered for determining the range, so near to the expiry. However, it is always interesting and useful to know what the Option Sellers are doing. We can see big profit booking by the Bulls at 4600 PE strike. Also, the Bulls added nearly 20 lacs OI at 4800 PE and 4900 PE strike. The Bears covered today at 4800 CE, and added some OI at 5100 CE level. Overall, 4800 to 5100 is the range from the Option Charts. 4900 is a minor support, while 5000 is a minor resistance.

For tomorrow, immediate resistance for Nifty Spot now comes at 4970-4980 levels. Above this, it will target next strong resistance zone of 5010/5015 level. Above 5015, we can see some panic covering from the Bears, taking Nifty to higher levels of 5050 and 5110. On the downside, support for Nifty Spot will come near todays close of 4940 levels. If moves below this, expect a slide towards 4925 and 4890 levels. Below 4890, todays low around 4860 will be tested. overall, consider the trend to be up or tomorrow, as long as Nifty trades and sustains above todays closing level.

24 Aug: Nifty Spot resistance at 4975-5015-5050-5080. Support at 4940-4925-4890-4860 - www.niftypower.com

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23 Aug: Nifty View

Yesterday, it was written that the 200 week SMA was probably the last hope for the Bulls. It was a well advertised level, and the Bulls managed to save it for another day. However, dont consider Nifty to be out of woods yet. It still has to overcome the levels as mentioned in yesterday's post. 4870-4860 would be important reference points now, for this upmove to continue. Otherwise, the down trend will reassert itself.

The Options OI charts are given below:


There was not much addition in either the Puts or the Calls. However, there was big amount of 20 lacs+ covering seen in 4900 PE and 4800 PE by the Bears. The Bulls also covered more than 11 lacs+ OI at 5000 CE and 5100 CE. The immediate narrow range from the options data, as of today is 4800 to 5000 - with 4900 being the battlezone level between the Bulls and the Bears.

For tomorrow, immediate resistance for Nifty Spot comes at 4930 levels. Above this, it will target 4975/4990 area, where it will face stiff resistance. Breakout above 4990 can trigger some panic covering by the weak Bears. On the downside, immediate support for Nifty spot now comes at 4870/4865 levels. Below this, it will test 4845 and 4825 levels. Break and close below 4825 will open the gates for a test of 4750 and 4700 levels.

23 Aug: Nifty Spot resistance at 4930-4975-4995-5015. Support at 4865-4545-4825-4795 - www.niftypower.com

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22 Aug: Nifty View

On Friday, under big negative pressure from the global markets, Nifty somehow managed to save its 200 week SMA and closed above it. This level has now been well advertised in the media, and will be a point of last hope for the Bulls. We head into the expiry week, with the Bulls clearly defeated in this series. Hence, the expiry should be more painful for them than the Bears. Remember, in a falling market, forget the Supports and only care about the Resistances. Think of a trend change only if Nifty manages to cross any of the strong resistances (earlier supports) that it has created. Some of these levels are 4950/4980, 5050/5080, 5110/5150, 5180 and 5230. These levels can be the stoploss for shorts based on the risk capacity of traders.

The Options OI Charts are given below:

The Options Charts are not to be relied upon so close to the expiry. This series has not been much of an Option Writers series anyways. Hence, any addition to the Option OI so late in the series has to be viewed with suspicion. On Friday, the Bears pushed the levels further down, adding more than 50 lacs+ of OI at 4800 CE to 5000 CE strikes. On the other hand, the Bulls added 30 lacs+ OI at 4600 PE strike, while covering a big amount of 30 lacs+ at 4900 PE and 5000 PE strikes. The range from the Options charts is 4700 to 5000. 4800 is a minor support, while 4900 is a minor resistance. This is a broad range, going into the last week of the expiry, and hence, volatility should continue in the last week also.

For Monday, immediate resistance for Nifty Spot comes at 4875 levels. Above this, it will head for 4900+ levels, facing tough resistance at 4930 and 4950 levels, which can be used to create shorts with stoploss as given above. On the downside, support for Nifty Spot comes at 4830 levels. Below this, it will slip towards Friday's low of 4795 and 4750 levels. Since Nifty is trading at such oversold levels, hence, shorts should only be created on Rallies at Resistance areas rather than on break of Supports to have a better Risk:Reward ration on trades.

22 Aug: Nifty Spot resistance at 4875-4895-4925-4950. Support at 4830-4795-4750-4725 - www.niftypower.com

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19Aug: Nifty View

In Yesterday's Nifty View, 4950 to 5150 was suggested to be the breakout from the volatile moves in a range. Nifty gave that breakout today on the downside. Today was a trending move which was much awaited for the past week. However, we, at NiftyPower preferred to give it a miss. The Primary reason for "choosing" to miss this downmove can be found in our Post entitled "When in doubt, Stay Out!!" on our other blog - Trading Wisdom. We would have been comfortable trading the breakout on the upside. But being comfortable does not mean that you should take a trade against the trend. Hence, we preferred to stay out as we were not comfortable taking the short trade, though the charts indicated so.

The Options OI Charts are given below:


After many days, today was a day of big activity on the Options front. The Bulls covered big amount of OI, right from 4800 PE to 5300 PE strikes. On the other hand, the Bears added over 26 lacs+ OI at 4900 CE and 5000 CE strike itself. They also added good amount of OI till 5300 CE strikes. In Yesterday's Option Analysis, it was written that - "Looking at the Options data, we can assume some volatility going into the Expiry week, and it may time for another profitable Option Straddle...". Well, all those who bought the Straddle today would definitely have been rewarded by end of day and there will be more to come, definitely. Overall from the Options data, 4900 is the minor support while 4800 is the major support now. 5000 and 5100 are now the battlezone levels, while 5200 and above have now become the major resistances.

18 Aug: Nifty View

Nifty traded in a highly volatile manner between the second resistance of 5105 (actual high 5112) and the first support of 5015 (actual low 5017). Here, we would like to remind readers of the Post of 11 August - where we mentioned that this market is going to be a Day Traders Dream while giving a Stay Out message to the Positional trader. Nifty hasn't really done anything since then, giving volatile movements intraday, but not giving the breakout for a good positional trade. The range that we are looking at now is 5000/4950 to 5150 odd for a breakout either side. A long trade would be more preferable, keeping in mind the oversold oscillators.

The Options OI Charts are given below:


The Bears added big amount at 4900 PE and below levels, and covered at 5000 PE and above levels. On the other hand, the Bulls did not do much to change the OI today. There is another surprisingly big addition of over 12 lacs+ OI at 4800 PE level. This has been going on for quite a few days now - adding of big amount of OI at an OTM PE Option and then covering it the next day. Hence, we will not read too much into it. Overall, from the Options data, 5000 is the big support, 5100 is the 50:50 level, 5200 to 5400 are the minor resistance, while 5500 is big strong resistance area. Looking at the Options data, we can assume some volatility going into the Expiry week, and it may time for another profitable Option Straddle.

For tomorrow, immediate resistance for Nifty Spot comes at 5075 levels. If stays above this, it will again head towards todays high near 5110 and then head towards strong resistance zone of 5135-5150. On the downside, support for Nifty Spot comes at 5035/5030 levels. Staying below this, it will first head towards todays low around 5015, break of which will bring 4985-4945 levels.

17 Aug: Nifty Spot resistance at 5075-5110-5140-5180. Support at 5130-5115-4985-4945 - www.niftypower.com

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17 Aug: Nifty View

Today, Nifty opened up at 5125 on positive global cues, but steadily lost ground thereafter. Last week's candle formed o Doji pattern on weekly charts. A bearish start to the week will not give comfort to the Bulls. However, the fall of today has happened on declining Volumes. These volumes should pick up if and when Nifty breaks 5000. if they do not, then we may have a false breakdown on the cards. The oscillators re also at oversold levels right now, and can turn back up again leading to fierce short covering. Hence, this is definitely not the right time to open fresh shorts. Longs can be considered if Nifty gives a close above 5075 now.

The Options OI Charts are given below:



The Bulls added good amount of OI at 5000 CE to 5200 CE, while profit booking at 5300 CE and above strikes. Bulls added OI at 4800 PE to 5100 PE levels, while covering at 5200 PE and above strikes. With the big covering happening at 5200 PE, this levels has become a good Minor resistance level now. 5100 is the 50:50level as of now. 500 is the major support, while 5500 is the major resistance.

For tomorrow, immediate resistance for Nifty Spot comes at 5565-5575 range. Above this, it will again try to cover some ground till 5105 and 5135 levels, where Selling pressure will emerge. If somehow manages to cross and sustain 5135, it will head for higher levels of 5190-5225. On the downside, Support for Nifty spot comes at 5015 level. Trading below this, it will slide towards 4980 and 4945 level, which was the recent panic low. Expect some support to come at that level.

17 August: Nifty Spot resistance at 5070-5105-5130-5190. Support at 5015-4980-4945-4875 - www.niftypower.com

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16 August: Nifty View

After a long weekend, Nifty will open again on Tuesday, at some very crucial levels. It closed at 5071 on Friday. Now, 5050-5040 are the crucial levels to watch on Tuesday. If it breaks these, the panic lows of 4980 and 4950 will be revisited. Upside, till it gives a close above 5180 and 5225 levels, volatile movements with a negative bias will continue.

The Options OI charts are given below:

The surprise addition and covering at lower level Puts continue. We will not read too much into that. There was hardly any interest in writing Options by the Bulls as well as the Bears. Very low activity is seen in increase of Options OI, which is quite understandable. Overall, 5000 to 5500 is the broad raneg suggested by the Options table. 5100 and 5200 is the battlezone level between the Bulls and the Bears, while 5300 and 5400 are the minor resistances.

For Tuesday, immediate resistance for Nifty Spot comes at 5095-5100 level, above which, it will test 5130 levels. Trading above 5130 will tilt the bias towards the Bulls, for a test of 5155-5195 and 5225 levels. On the downside, support for Nifty spotcomes in the range of 5050-5040. Below this, Bears will have upper hand, and we can see selling intensifying for retest of lower levels of 4980 and 4945.

16 August: Nifty Spot resistance at 5095-5130-5155-5195. Support at 5040-5015-4980-4945 - www.niftypower.com

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12 August: Nifty View

In yesterday's Nifty View, 5180 was given as the strong resistance and 5110 as the support. The actual highs and lows of the day were 5184 and 5121. Also, after 4 days of heavily volatile trading, some sanity seems to be returning to Nifty, as it held its own despite extremely negative cues at the open. Keep an eye on today's range now. A move outside of this range can give the next big move. Also, we are heading into a long weekend as Monday is a holiday. Whether Nifty will give the breakout/ breakdown before the long weekend, or after it opens again has to be seen.

The Options OI charts are given below:


As yesterday, the Option Writers preferred to watch from the sidelines. This is definitely not the right time to be selling options. Yesterday we pointed out to a surprise addition OI at 4600 PE. Well, all of it was covered today, and equally surprising addition of 17 lacs+ OI was done at 4700 PE. These are unexplainable moves, and can be a part of some hedging strategy from the smart money. Overall, support for NIfty remains at 5000. 5100 is also a minor support. 5200 is the battlezone level. Minor resistances are 5300 and 5400 and major resistance is at 5500.

For tomorrow, immediate resistance for Nifty Spot comes at 5155-5165 zone and then at 5185-5200 zone. If manages to stay above these, it will target its breakout zone of 5225. Above 5225, it should head towards 5300+ levels. On the downside, support for Nifty Spot comes 5110 levels. Below this, it will test lower levels of 5075 and 5040 levels. Below 5040, panic selling will start for lower levels of 4980 and 4945.

12 Aug: Nifty Spot resistance at 5160-5185-5200-5230. Support at 5110-5075-5040-4980 - www.niftypower.com

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11 Aug: Nifty View

The confusion among the traders continues. Nifty has become a dream for the day trader, and a is giving a "Stay Out" message to the Positional Traders. The trend remains down, after the breakdown below 5500. This movement can be termed as a Volatile correction to the fall from 5500 levels. A break below 5000 again would confirm resumption of the downtrend. A breakout above 5230 and 5330 should give us rangebound moves again. Trade keeping in mind both possibilities. Also, if the breakout turns out to be a whipsaw, do not forget to reverse your trade immediately, as it can give swift movement on the opposite side.

The Options OI charts are given below:

As yesterday, the Option Writers preferred to watch from the sidelines. This is definitely not the right time to be selling options. However, there is surprising addition of 26 lacs+ addition at 4600 PE. There is also simultaneous covering of 13 lacs+ at 4500 PE levels. This data if correct, point to to some very bearish possibilities. However, this data will have to be verified tomorrow. Overall, support for NIfty remains at 5000. 5100 is also a minor support. 5200 is the battlezone level. Minor resistances are 5300 and 5400 and major resistance is at 5500.

For tomorrow, immediate resistance for Nifty spot comes at 5160 and 5180 levels. If it sustains above these, it will target its breakout point of 5230 Spot. Above 5225, the Gap level of 5325 will be in sight. On the downside, immediate support for Nifty Spot comes at 5110 levels. Below this, it will test lower levels of 5075 and 5040. If trades below 5040 also, a break of 5000 will be on the cards.

11 Aug: Nifty spot resistance at 5180-5230-5265-5325. Support at 5110-5075-5040-4980 - www.niftypower.com

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10 Aug: Nifty View

Tuesday was another replay of the last two trading days. Nifty opened with a Big Gap down, then recovered and even moved into positive territory during the day, before giving it up all again to close with a minor loss. Although the intraday movement would be considered to be Bullish, fact is that the Nifty has been closing lower each day. Till the time it gives a close above 5230, Trend should be considered to be down only; and Positional hope trades for recovery should be avoided.

The Options OI charts are given below:


There was not much action in the Options front, except from big addition of 14 lacs+ OI at 5000 CE by the Bears. Apart from this, the Bulls reduced their positions at higher strikes. The low interest in writing Options is understandable, given the high volatility that we are witnessing. This will pick up once some sanity returns to the markets. For now, 5000 can be taken as the support, while 5400 and 5500 are the strong resistances as per the Options charts. The levels in between will be sorted out as the series progresses.

For tomorrow, immediate resistance for Nifty spot comes at 5095-5100 levels. Above this, Bulls should be in control, and take Nifty to test higher levels of 5130, 5165 and 5205 levels. Strong sellers will come in at 5205-5230 range. Nifty will have to overcome this strong resistance for any kind of meaningful upmove to materialize. On the downside, support for Nifty spot comes at 5045-5040 region. Below this, it will again move down to test 5010-4980 and 4955 levels. Markets are volatile. Strictly trade as per the levels with tight stoplosses.

10 Aug: Nifty spot resistance at 5095-5130-5165-5205. Support at 5040-5010-4980-4955 - www.niftypower.com

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9 Aug: Nifty View

It was the same story of Friday repeated today. Nifty opened with a Big Gap Down, only to recover most of the losses. But unlike Friday, where it closed near the highs, today it sold off again at the end, to close just above the opening levels. The S&P's downgrade of US has had the impact of increasing the volatility in the market. No one is sure how it will affect the markets and the economy, because this is a first time event. There is a camp which believes it does not change anything, while the opposite camp is equally strong, which believes that it will have a significant impact. Hence, the confusion in the markets is quite understandable. Anyways, for traders employing sound money management, this is the best time to take intraday swing trades or trade in Options for maximum gains.

The Option OI Charts are given below:



The Bulls are busy building base at lower levels by adding OI from 4800 PE to 5100 PE, while covering big amount from 5200 PE to 5500 PE strikes. This is not a good sign for the Bulls, and shows their nervousness at this stage. On the other hand, the Bears added big amount of OI from 5100 CE to 5500 CE strikes. The range from the Options table is 5000 to 5400 as of now.

For tomorrow, resistance levels for Nifty spot comes at 5150-5155 level. Above this, it will target 5180, 5205 and 5230 levels. Above 5230, lies the gap area till 5323. A breakout trade, with tight Stop and Reverse will be on above 5230. On the downside, support for Nifty spot comes at 5105 levels. Below this, it will quickly slide towards 5080-5055 levels. Below 5055, real panic will set in the market, and Nifty may just go on to break 5000 levels.

9 Aug: Nifty Spot resistance at 5155-5180-5205-5230. Support at 5105-5080-5055-4985 - www.niftypower.com

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8 Aug: NIfty View

Friday turned out to be a Black Friday for a lot of Indian traders. For the past week, the major movement in Nifty had been due to Gap Ups and Gap Downs only. The remaining movement during intraday remained rangebound only. This was the first warning signs that Positional trading was a No-No at this point of time. However, we would like to remind the readers of the suggestion for a Option Straddle given in the post of Aug 1 (click here to read). The straddle of 5500 CE and 5500 PE was trading at a net cost of around Rs. 200 at that time. Today the cost is Rs. 330+ and it made a high of nearly 380+. Almost doubling the money without any Risk to the Capital employed. It was a common sense trade and not based on any complex Technical Analysis.

As of now, Nifty has broken the previous low of 5195, formed on 20th June. Upside, there remains a big 100 point gap to be filled from 5230 to 5330. As marked in the chart, the oscillators have reached oversold levels, although they do not matter much in trending moves like these. Overall, it looks like we may get a dead cat bounce now to fill this gap of 5230 to 5330. When this bounce will come is anybody's guess. For now, positional traders can wait for the oscillators to correct upwards before taking Fresh Short positions in Nifty. This is assuming that we do not breakout above 5330 in case of any bounce.

The Options OI Charts is given below:




The August series had started with a range of 5400 to 5700. This range has shifted down considerably now. The Bulls are now building support at 5000 levels now, with nearly 70 lacs OI at 5000 PE strike. On the other hand, the Bears have added big quantity of OI from 5100 CE to 5500 CE strikes. However, if we look at the Option OI charts, there is almost equal OI at 5200 to 5400 Calls and Puts. This can be due to the big Gap Down on Friday. The OI at these levels should get resolved next week, and then we will have a clear range coming out from the Option Charts.

For Monday, immediate resistance for Nifty Spot comes at 5225/5230 levels. Trading above these, it will target higher levels 5250 and 5295. Above 5295, the Gap resistance at 5325-5330 will come into picture. Since the trend is down and Nifty is expected to be volatile, be quick to book profit in Longs. On the downside, support for Nifty Spot comes at 5200-5195 levels. Below this, it will test 5170. The trend for the day turns down again below 5170, and we my even see a retest of the lows of Friday, below 5170.

8 Aug: Nifty Spot resistance at 5230-5255-5295-5325. Support at 5195-5170-5150-5115 - www.niftypower.com

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4 Aug: Nifty View

Today, Nifty opened near 5400 on bad global cues, made a low of 5378, but closed near the highs of the day at 5413. The Bears will be happy that it closed below important support of 5430. The Bulls will have hope as Nifty closed near the highs, inspite of the negative global cues. 5370 was the trend deciding level indicated in yesterday's Nifty View. Nifty came within striking distance of that level today. Tomorrow, the Bulls have to try and close it above 5430 again, else 5370 will be tested again.

The Options OI charts are given below:


The Bears added big amount of shorts at 5300 CE to 5600 CE strikes todays, the maximum being at 5400 CE. However, the Bulls still have an upper hand a this level, with more than 65 lacs+ OI at 5400 PE. The Bulls also strengthened support at 5300 level by adding more than 16 lacs+ OI at 5300 PE strike. Overall, the range from Options table now is 5400 to 5600, with 5500 as the battlezone level, with a negative bias. This is the same range which was there whole of July series. August should give a breakout from this range.

For tomorrow, immediate resistance for Nifty spot comes at 5425-5430 level. Above this , it will face stiff resistance at 5450 level. However, if manages to stay and trade above 5450 for sometime, then 5500+ will be in sight. On the downside, support comes at 5390 level, below which, it will slide towards 5370 level. If breaks 5370, it will spread some panic among the Bulls for lower levels of 5330/5315 level.

4 August: Nifty spot resistance at 5425-5450-5485-5510. Support at 5390-5370-5330-5295 - www.niftypower.com

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3 Aug: Nifty View

Today, Nifty opened near our first support of 5490, broke it in morning itself, and steadily declined towards last support of 5430, before recovering some lost ground to close at 5457. It just managed to save the support of 5430. Will it be able to do so again? It should first close above 5490 for the support to be valid. Else, a retest might be on the cards.

The Options OI charts are given below:
The Bears are working at levels of 5500 and above, while the Bulls are busy at building support at 5400 and below levels. There was some covering by the Bulls at 5500 PE strike, while the Bears added big amount at 5500 CE and 5600 CE strike. The range as of now from the Options charts still remain at 5400 to 5700. Hence, till Nifty closes below 5430, consider the trend to be sideways only.

For tomorrow, immediate resistance for Nifty spot comes at 5480-5490 range. Above this, it will test higher levels of 5525 and 5550 levels, which is the immediate strong trend deciding level for the short term. On the downside, support for Nifty spot comes at 5440/ 5430 levels. Below this, it will slide towards 5410 and 5370 level. Below 5370, Bulls will panic for 5330/5315 level.

3 August: Nifty spot resistance at 5485-5510-5525-5550. Support at 5435-5410-5370-5330 - www.niftypower.com

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2 Aug: Nifty View

Nifty opened gap up today near its strong resistance zone of 5550-5560, but could not sustain there and steadily declines towards 5486, before recovering again and closed at 5513. As written in yesterday's Nifty View, a close above 5560 is required for a shot at 5605 and higher levels for the Nifty. On the downside, the recent level of 5450 and then 5430 become important trend deciding levels now.

The Nifty Option Open Interest Charts are given below:

The Bulls built support at 5400 and 5500 PE strikes while the Bears added good amount of OI at 5600 and higher strikes of calls. overall, it is the same picture as yesterday. The range suggested is 5400 to 5700, with 5500 as the battlezone levels. The Bulls had an upper hand at this level today. it will be interesting to see whether they are able to defend this level in tomorrow's trade.

For tomorrow, immediate resistance for Nifty spot comes at 5520/5525 levels, above which, it will again target 5540 and 5555 levels, where it is expected to meet stiff reistance again. However, if it manages to trade above these levels for sometime, then expect a retest of 5605 and higher levels. On the downside, support for Nifty spot comes at 5500/5490 levels. Below this it will slide towards 5465-5450 and 5430 levels, which will be trend deciding for the short term.

2 Aug: Nifty Spot resistance at 5520-5540-5555-5585. Support at 5495-5465-5450-5430 - www.niftypower.com

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