12 Oct - Nifty View

Festival Special Offer - 50% Off on Monthly Subscription of All Packages!!

Nifty opened gap up again today, but closed lower after making a high in our indicated strong resistance zone of 5030/5050. This zone is crucial for this upmove to continue, as the Bears keep waiting at 5030/5050 and 5085 levels. Similarly, on the downside, 4950 and 4905 are the crucial levels for the Bulls to save, otherwise the Bears can create panic. Tomorrow is a big day with few important News to come. How Nifty reacts after the News, whether good or bad, whether it respects the supports or take out the resistances, is to be watched tomorrow. Trade safely.

The Nifty option Open Interest charts are given below:
It was the Bears Day out today, who added more than 30 lacs+ OI from 5000 CE to 5400 CE strikes. On the other hand, the Bulls did small addition at 4800 PE strike, and nothing much at other strikes. Overall, 5000 remains the battleone between the Bulls and the Bears. This level should most probably get resolved tomorrow.

For tomorrow, immediate resistance for Nifty Spot now comes at 4995 level. if stays above this in morning, then it will again head towards 5030/5050 and 5085 area, where the Bears will give them stiff resistance. 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 comes at 4960 level. Below this, intraday slide towards 4930-4910 and 4880 will be seen. It should get some support near these levels, else the Bear will gain take over.

12 Oct - Nifty Spot resistance at 4995-5030-5050-5085. Support at 4960-4930-4910-4880 - www.niftypower.com

Visit here for Intraday Nifty Option Tips and Intraday Nifty Future Tips