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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