11 Oct - Nifty View

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We had a trend day in Nifty today. This was the follow-up move to Friday's big gap up. It is still hovering around the middle of the range, and is more of a trading market rather than a trending market. Upside resistances are now at 5030 and 5085 levels, where again Bears are likely to show up. On the downside, the Bulls have to save 4950/4930 and 4880 levels, for the upmove to continue.

The Nifty option Open Interest charts are given below:

In Yesterday's Option Charts, 4900 was identified as the battlezone level between the Bulls and the Bears. That has been taken over by the Bulls today, making it a good support level. There was addition of nearly 15 lacs OI at 4900 PE strike by the Bulls, while the Bears covered more than 10 lacs+ OI at 4900 CE strike. Addition of OI is also seen at 4800 PE, 5000 PE and 5100 PE strikes, while covering was done at 4800 CE and 5000 CE strikes. As of today, 5000 is the next battlezone level between the Bulls and the Bears. 4900 and below are the supports, while 5100 is a minor resistance. 5200 is the major resistance, but it is far away as of now.

For tomorrow, immediate resistance for Nifty Spot comes around 5005 level. Above this, Nifty Spot will enter the strong resistance zone of 5030/5050 and 5080. Here again, it is expected to face some selling pressure. If however, the Bulls are able to take out the Seller at 5080, then 5120/5130 will be the next targets. On the downside, support for Nifty Spot now comes at 4950 level. Below this, intraday slide may be seen towards 4920/4915 levels. Below 4915, Bears will push it down lower towards 4880 levels.

11 Oct - Nifty Spot resistance at 5005-5030-5050-5080. Support at 4950-4920-4880-4850 - www.niftypower.com

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