23 Dec - Nifty View

In Yesterday's Nifty View, 4630/4640 was given as the intraday trend deciding level, and to Buy on dips till this level is supported. Incidentally, Nifty made a low of 4632 today, and then staged a 100 point rally, to close near the strong resistance level of 4730. For positional traders, a close above 4730 was given as the stoploss for Positional Shorts, which was taken today. Hence, Positional traders should be in Longs now, as long as Nifty is giving a close above 4700. On a close below 4700, once again the Long trade can be reversed to shorts. Hence, it is going to be busy time for Traders tomorrow, as the closing of tomorrow will be very crucial for deciding the next move in Nifty.

The Nifty option OI Charts are given below:


There was some action at the level of 4800 today, with both, the Bulls and the Bears adding decent amount of OI at this level. Apart from this, there was not much action at other strikes worth noticing. From the Options Charts, 4600 is now emerging as a support for this Expiry. 4700 and 4800, both are the battlezone levels as of now, and Nifty can trade with much volatility between these levels. 4900 and above are the major resistances.

For tomorrow, immediate strong resistance for Nifty Spot comes at 4755/4760 levels. If it manages to stay above this, it will target 4795/4800 levels, where again the Bears are expected to show up and try to drive Nifty down. On the downside, support for Nifty Spot comes around 4685/4690 levels. Staying below this, Nifty can again slide down towards, 4660 and 4630 levels. Below 4630, the Bears will again try to drive Nifty towards its recent lows.

23 Dec - Nifty Spot resistance at 4755-4800-4840-4870. Support at 4700-4685-4660-4630 - www.niftypower.com

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