Nifty opened the day up today, but slipped from the strong resistance levels of 5120/5130 given yesterday, to end the day lower around 5070 levels. Consider the short term trend as up only, till it is giving a close above 5000/5030 levels. Upside resistances remain at 5120-5180 levels. Do remember that Nifty is still trading within the broad range of 4700-5200. It is above the mid point as of now, hence, the Bullish bias.The Nifty option Open Interest charts are given below:
The Bulls were almost absent today, while the Bears added a good amount of 22 lacs+ OI at 5100 CE to 5200 CE strikes. 5200 remains as the strongest resistance for Nifty, while 4800 is the strongest support. 5000 and 5100 is the immediate narrow range, which should be resolved tomorrow, or early next week.
For tomorrow, immediate resistance for Nifty Spot comes at 5090/5095 levels. Above that, it will retest strong resistance zone 5120/5130. If sustains above 5130, then a retest and possible break of 5175 is likely. On the downside, immediate support for Nifty Spot comes at 5050/5060 level. Below this, it will slip to test the supports formed at 5025-4980 levels.
14 Oct - Nifty Spot resistance at 5095-5125-5155-5175. Support at 5055-5025-5005-4980 - www.niftypower.com
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