15 Sep: Nifty View

Nifty took support again near 4900 level, and bounced smartly today. 5030 was the short term trend deciding level suggested yesterday. Actual high made today was 5026. Now, tomorrow would be an interesting day to watch. If Nifty manages to sustain above 5030/5050 zone, consider the short term trend to be up, for upside targets of 5120 and 5180 initially. Once it clears 5030, keep 4990/4980 to reverse the trades, in the event of a whipsaw.

The Nifty option Open Interest charts are given below:

The Bears covered big amount of 9 lacs+ OI at 5000 CE strike. The day belonged to the Bulls. They added OI of 34 lacs+ at 4700 PE to 5000 strike. Thise series is trading in a broad range of 200 points, giving money both to the Option writers and the intraday Buyers. Overall, the range for the series again shifts up between 4800 and 5200. 4900 is good support, while 5100 is a minor resistance. 5000 is still the battlezone level between the Bulls and the Bears.

For tomorrow, immediate resistance for Nifty Spot comes at 5030-5040 levels. If it sustains above this in morning trades, it will head for next strong resistance zone of 5070/5080. Above 5080, 5120/5125 will be the target levels. On the downside, support for Nifty spot now comes at 4990/4980 zone. A move below this will take Nifty towards 4945, 4905 levels. Break of 4905 would show panic selling.

15 Sep: Nifty Spot resistance at 5035-5070-5095-5125. Support at 4985-4945-4920-4905 - www.niftypower.com

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