31 Jan - Nifty View

The expected correction came came in Nifty today. How long it lasts, and whether it can change into a short term downtrend remains to be seen. The level to watch out for tomorrow will be 5040-5060 levels. Below this, the short term trend can be considered to have turned down, which will be invalidated only on a close above 5150. Tomorrow is also the monthly closing for Nifty. Hence, tomorrow's closing will become an important level for future trade plans. Nifty has already made a higher High in this uptrend move, Now all it has to do is make a higher low in this ongoing correction, so that the medium term trend remains up.

The Nifty option OI Charts are given below:

It was a day that belonged to the Bears. They added 18 lacs+ OI at 5100 CE and 5200 CE strikes. The Bulls did little addition in OI. The covered nearly 13 lacs OI at 4800 PE, 4900 PE and 5000 PE strikes. Although Nifty closed below 5100 level, the open interest in 5100 PE remains more than that of 5100 CE. Consider the momentum positive if Nifty stays above 5100, and negative below that. The narrow range remains at 5000 to 5200 for Nifty, with 5100 as the 50:50 level.

For tomorrow, immediate resistance for Nifty Spot comes at 5095/5100 levels. Above this, it will encounter next resistance at 5130 and 5160 levels. Above 5160, the momentum will again favour the Bulls. On the downside, support for Nifty Spot comes at 5065 and then at 5040/5045 levels. Below 5040, the short term trend will turn down.

31 Jan - Nifty Spot resistance at 5095-5130-5155-5190. Support at 5065-5040-5005-4960 - www.niftypower.com

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30 Jan - Nifty View

Nifty continued its relentless upmove on Friday, and had a consecutive fourth positive weekly closing. The trend firmly remains up, but the market is now waiting for a correction. We have now seen three days of declining volumes with increase in price. These volumes will only pick up if and when Nifty clears and closes above its 200 DMA comfortably. Secondly, there are also two big resistances of 200 DMA and the declining trendline. Coupled with that, the Stochastics and RSI on Daily Charts are in overbought zone now. All these factors will make the zone of 5220-5250 the toughest to cross for Nifty. On the downside, the supports built at 5050 and 4900 should hold, for the Bullish picture to remain intact.

The Nifty option OI Charts are given below:

Second day of the series saw some good writing from the Option traders. The Bulls added a huge amount of 30 lacs+ OI from 4800 PE to 5000 PE strikes. The Bears were mostly active at 5100 CE and 5200 CE strikes, where that added 20 lacs+ OI. Overall, the February series is narrowly poised, with the range coming between 5000 to 5200 levels, and 5100 being a minor support level.

For tomorrow, immediate resistance for Nifty spot comes at 5210-5230 levels. The Bears have their best chance to stall this upmove over here, coz after this, the next major resistance comes above 200 DMA at 5285 level. On the downside, support for Nifty Spot comes at 5170-5175 levels, below which, the next supports at 5140-5125 and 5090 will be tested. As given earlier, the Short Term trend remains up till 5050 levels, and any correction till there will be healthy for Nifty.

30 Jan - Nifty Spot resistance at 510-5230-5260-5285. Support at 5175-5140-5125-5090 - www.niftypower.com

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27 Jan - Nifty View

Nifty had a quiet Expiry on Wednesday, with a range of 45 points. It closed just above its resistance band of 5130-5150. Now at the start of the February Series, Nifty is just below its strong resistance of 200 DMA. Also, it has now again reached the falling trendline connecting the highs from November 2010. In the past year, it made several attempts to breakout above this trendline, but failed and had significant declines after that. If it manages to close and sustain above this trendline now, it will indicate an end to the Bear cycle that started in November 2010, and maybe, the start of a new Bull run. It has already made a Higher High, and on any declines, it is expected to make a higher low also. The only concern at this point of time are the Overbought Oscillators on Daily Charts. Hence, there may be a cap to the upside, at least for the coming 1-2 weeks.

The Nifty option OI Charts are given below:


Feb Series has atarted with a good amount of action on the options front. There was a huge amount of 40 lacs Puts added by the Bulls from 4600 PE to 5100 PE strikes. The Bears, on the other hand, were more restrained in their activity. The only significant amount of OI by the Bears was between 5000 CE to 5200 CE strikes, where they added 19 lacs+ OI. At the start of the Feb series, 4800 to 5200 is the range developing, with the level of 5100 as the battleground level between the Bulls and the Bears.

For tomorrow, immediate resistance for Nifty Spot comes at 5175-5180 levels. Above this, the momentum will stay with the Bulls, and they will attempt to take it towards its next strong resistance zone of 5210-5230, where the Bears have their best chance to stall this upmove. On the downside, support for Nifty Spot comes at 5130 levels, Below this, it will decline towards 5110-5085 and 5050 levels. 5050 will be a short term trend deciding level for the Nifty.

27 Jan - Nifty Spot resistance at 5180-5210-5230-5265. Support at 5110-5085-5050-5025 - www.niftypower.com

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25 Jan - Nifty View

In Yesterday's Nifty View, it was given that a close above 5060 would propel Nifty towards its next resistance levels of 5130-5150. Nifty opened right at its resistance level of 5060 today, and then broke out on positive RBI News to reach the resistance zone of 5130-5150 today itself. With todays close, Nifty has also formed a Higher High, and now on any correction if it forms a Higher Low, it will signify an end to this long Bear Market that we have seen all through 2011. The level of 5060 would be a crucial support going forward, and a break and close below it would be the first signal for a correction to this upmove. Whenever that correction comes, the low made during the correction will be keenly watched now.

The Nifty option OI Charts are given below:

One day before the Expiry, no one would expect any significant addition in the the OI of Options. However, with the overconfidence of the Bulls riding high, they added a significant amount of OI from 4800 PE to 500 PE strikes. The Bears on the other hand, covered Big at 4900 CE and lower strikes, which should be expected at his stage. Going into the Expiry day, 5100 has become the battleground level for the Bulls and the Bears. 4900 is the support, while 5200 is the resistance.

For tomorrow, immediate resistance for Nifty Spot comes at 5130-5150 zone. Staying above this, the Bulls will try to take Nifty toward its 200 DMA at 5200+ levels, which is the toughest resistance for Nifty as of now. On the downside, support for Nifty Spot now comes at 5085 levels, below which the important support levels of 5050 will be tested again. As given earlier, a fall below 5050 will be the first sign of correction,to be confirmed by a break of 5000.

25 Jan - Nifty Spot resistance at 5130-5150-5180-5210. Support at 5085-5050-5025-5005 - www.niftypower.com

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24 Jan - Nifty View

Nifty had another nothing day today. Today was the second consecutive day, when it got resisted near 5060 levels. Incidentally, 5061 Spot was the recent Highest Closing for Nifty. After that, it made a top near 5100 levels, but closed below 5060. Hence, we can assume that a close above 5060 can further propel it upwards towards its recent top of 5100, or even higher this time towards 5130/5150 levels. On the downside, a close below 4990/4985 Spot is what would turn the short term down. As Expiry is nearing, we may get a decisive move beyond these levels soon.

The Nifty option OI Charts are given below:

Two days before Expiry, one expects some profit booking from the Option writers. But this is the time for overconfidence in the Bull Camp, who continued to add big amount of OI. Over 16 lacs+ of OI was added by the Bulls at the two strikes of 4900 PE and 5000 PE. There was also a surprise addition of 10 lacs+ OI at 5200 CE strike by the Bears. One of these writers will be punished on or before the Expiry gets over. Which camp it will be, is anybody's guess. Overall, the range as per the Options Charts remains at 4900 to 5100, with 5000 as the battleground level between the Bulls and the Bears.

For tomorrow, immediate resistance for Nifty Spot comes at 5055-5060 levels. Above this, it will meet resistance at 5075-5100 levels, where again the Bears are expected to give stiff resistance to Nifty. As given earlier, a close above 5060 will open the doors for 5130-5150 for Nifty. On the downside, support for Nifty Spot comes at 5025-5020 levels, below which, it will slide towards 5000/4985 and 4950 levels.

24 Jan - Nifty Spot resistance at 5055-5075-5100-5130. Support at 5020-5005-4985-4950 - www.niftypower.com

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23 Jan - Nifty View

Nifty opened up on Friday, but declined to test its support near 5000 levels, and then the Bulls rushed in to take it up by 50 points in the last half hour. Friday was the third consecutive positive weekly closing for Nifty. It has recovered nearly 10% from the recent lows. There needs to be some pause/ consolidation before a further breakout can be seen. Also, it is near to its intermediate top of 5100. It will take a huge effort from the Bulls to close Nifty above this recent top, on back of such overbought oscillators and indicators. Hence, for those who missed this rally, it is prudent to wait a bit longer, and let some correction come in. That correction can come in the next week or after expiry. How Nifty behaves on the supports formed during such a correction, will decide whether the trend has changed or there is still more downside left. Till then, it is wait and watch.

The Nifty option OI Charts are given below:

Friday was another day which went entirely to the Bulls. They added a huge amount of 27 lacs+ OI at just the two strikes of 5000 PE and 5100 PE. On the other hand, the Bears covered a huge amount of 30 lacs+ OI at 5100 CE and lower strikes. After Friday's movement, the range for the Expiry week has narrowed down to 4900 on the lower side, and 5100 on the upside. 5000 is the battlezone level, going into the expiry week.

For tomorrow, immediate resistance for Nifty Spot comes at 5050/5055 levels. Staying above this, it will enter the strong resistance zone of 5075-5100, where the Bears are going to give stiff resistance to the Bulls. Only a close above 5100, will propel Nifty higher towards 5130/5155 levels. On the downside, support for Nifty Spot comes at 5025-5020 levels, below which, comes the support zone of 5000-4970. Only on a break and close below 4970, can the Bears hope for some respite before this expiry.

23 Jan - Nifty Spot resistance at 5055-5075-5100-5130. Support at 5020-5005-4985-4970 - www.niftypower.com

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19 Jan - Nifty View

Nifty had another nothing day on Wednesday, ending slightly down from Tuesday's close. Choppy trading after Trend Days continues. The trend remains up as long as it is trading above 4850. A break of 4900 will be the first indication of short term correction, and aggressive traders can initiate short positions below that level. On the upside now, a break past 4980-4990 can take it towards recent high resistance of 5100, which will be very tough to cross. 5100 is an intermediate top for Nifty, and a break and close above this will fuel a further rally by changing the medium term to positive.

The Nifty option OI Charts are given below:


There was a lot of minor adjustments made by the Option writers on Wednesday. The Bulls covered a small part of their positions at 5000 PE strike, and added 11 lacs+ OI from 4700 PE to 4900 PE strikes. On the other hand, the Bears covered some of their positions at 5000 CE and below strikes, but added a decent 6 lacs+ at 5100 CE strike. Overall, after today's move, 4800 to 5000 can be considered to be the immediate short term range, and 4700 to 5100 is the broader range. 4900 is the battlezone levels between the Bulls and the Bears, with a slight advantage to the Bulls as of now.

For tomorrow, immediate resistance for Nifty Spot comes around 4965 levels, above which it will again test the recent high of 4985/4990. Above 4990, it can fuel another short term rally towards 5025-5050 ad 5085 levels. On the downside, support for Nifty Spot comes around 4920 levels. Below this, the gap support at 4900/4890 will get tested. If falls below 4890, then 4860/4840 can come quickly.

19 Jan - Nifty Spot resistance at 4965-4985-5025-5050-. Support at 4920-4900-4860-4840 - www.niftypower.com


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18 Jan - Nifty View

Nifty made another Trend Day today, after conquering its strong resistance of 4920 in the opening itself, and closed at the highs of the day, near 4970 level. The move that it is making is similar to the one it made when it broke out on 3rd Jan. This rally of 300 points was done in 3 Trend Days. In the remaining 9 trading days, we have seen choppy trades within a narrow range. Going forward, the next major resistance for Nifty Spot comes at the recent top near 5100 levels. Immediate support now comes at todays low at 4905 level. The ocsillators on Daily Charts are now reaching overbought levels. It will be difficult for the Bulls to cross this major resistance with such overbought oscillators. Hence, it is time to be cautious with Longs now.

The Nifty option OI Charts are given below:

The Options Charts finally had a big action day, after the lack luster show of past week. It was a day that belonged to the Bulls, who added a huge amount of 50 lacs+ OI from 4800 PE to 5100 PE strikes. At just the two trikes of 4900 PE and 5000 PE, the OI addition was 41 lacs+. The Bears on the other hand, ran for cover today, covering 23 lacs+ OI from 4700 CE to 5000 CE strikes. The only addition worth mentioning by the Bears was done at 5100 CE strike, where they added a huge quantity of 12 lacs+ OI. Todays Option charts have shown the overconfidence of the Bulls. Till the time Nifty now trades above 4900, these Bulls will be comfortable. However, if Nifty falls and close below 4900 now, then these writers can panic and lead to a swift downmove. Hence, till Nifty stays above 4900 now, stay Long.

For tomorrow, immediate resistance for Nifty Spot comes at 4975-4980 levels, above which, it will attempt next resistance zone of 5020-5050 levels, where again, the Bears are expected to give some stiff resistance. On the downside, support for nifty Spot comes at 4940/4945 levels. Below this, 4920 and todays lows of 4905 can be tested again. If falls below 4905, then it can set panic among the Put Option writers of today, and can lead to a swift fall.

18 Jan - Nifty Spot resistance at 4980-5020-5050-5085. Support at 4940-4920-4905-4840 - www.niftypower.com

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17 Jan - Nifty View

Nifty had another nothing day today, with the Bulls supporting it at lower levels. Today, inspite of the negative global cues, the support given by the Bulls clearly shows their intention. Now, whenever the resistances are tested, either tomorrow or after that, some fresh buying should emerge to give credence to this move. As given earlier, the Bullish theory will work only as long as Nifty is closing above 4770-4800 zone. Below this, the sentiment will turn Bearish again. Till then, follow the trend and Buy on Dips.

The Nifty option OI Charts are given below:

The highest addition today in ITM Options was by the Bulls at 4800 PE strike, where they added 6 lacs+ OI. Apart from that, there was very little activity at other strikes. The range for this month is now 4700 to 5000. 4800 is a minor support, while 4900 is a minor resistance. Looking at the contraction in volatility, traders can buy an Option Straddle of 4800 or 4900, and look for a breakout/ breakdown before the Expiry.

For tomorrow, immediate resistance for Nifty Spot comes at 4875-4880 levels. Staying above these levels, the Bulls will try to take Nifty to its next resistance zone of 4920-4960. On the downside, support for Nifty Spot comes at 4855 and 4835 levels. Below these, it will test lower levels of 4800 and 4770 levels. If breaks and closes below 4770, then shorts can be initiated.

17 Jan - Nifty Spot resistance at 4880-4895-4920-4960. Support at 4860-4835-4800-4770 - www.niftypower.com

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16 Jan - Nifty View

Nifty has been consolidating for the last 3 trading days, post the breakout on 10th Jan. The upward momentum which usually follows a breakout is lacking in this upmove. Earlier, when it gave a breakout from 4720, then also it lacked the upward momentum. And now, similar moves are happening post the breakout above 4805. However, the Bulls are providing support on every fall. But fresh buying to lift the market up is missing. Fresh Buyers are required if this upmove is going to be real, and nifty is going to attempt bigger targets of 5200+. As of now, consider the trend as up till Nifty is giving a close above 4780/4800 levels, and Buy on Dips should be the strategy for traders, till these levels are not breached.

The Nifty option OI Charts are given below:

The Bulls are getting aggressive on the Options front now. They added 22 lacs+ OI from 4700 PE to 4900 PE strikes. The Bears, on the other hand, remained absent on Friday. They covered a small amount of OI at 4900 CE strike, but apart from that, preferred to stay out of the action. The range as per the Options Charts now stands from 4700 to 5000. 4800 is a minor support, while 4900 is a minor resistance.

For tomorrow, immediate resistance for Nifty Spot comes at 4875-4880 levels. Staying above these levels, the intraday trend will remain positive and Bulls will try to take Nifty higher towards next resistance zone of 4920-4960. On the downside, support for Nifty Spot comes at 4835 levels, below which, it will test lower levels of 4800 and 4770 levels. If breaks and closes below 4770, then this uptrend can be considered over and Positional shorts can be initiated.

16 Jan - Nifty Spot resistance at 4875-4895-4920-4960. Support at 4835-4800-4770-4740 - www.niftypower.com

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12 Jan - Nifty View

Nifty consolidated after the breakout of yesterday, and formed a Doji on Daily charts. It is behaving similar to what it displayed after the Trend Day of 3rd January. After a big move up, the follow through momentum is missing, and that is a cause of concern. However, instead of speculating, prices show an uptrend, and till it remains above 4770, traders should look to go Long only. Below 4770, it will be a different story, and we will analyze that only if and when Nifty gets there. Upside strong resistance zone to watch out is the 4920-4960 zone and a minor resistance near todays high of4875/4880.

The Nifty option OI Charts are given below:

After a relatively quite first half of January, Option writing activity again seems to have picked. On such a rangebound day, the Bulls added nearly 16 lacs OI from 4600 PE to 4900 PE strikes. On the other hand, the Bears also added a decent 14 lacs+ OI from 4900 CE to 5100 CE strikes, while covering a small amount at 4800 CE and below strikes. Overall, 4800 has now become the battleground level between the Bulls and the Bears. 4700 and below are the strong supports as of now, with each of the strikes of 4500 PE, 4600 PE and 4700 PE nearing 70 lacs in Open Interest. 5000 and above are the resistance levels.

For tomorrow, immediate resistance for Nifty Spot comes at 4875 and 4895 levels. Above this, Nifty should target its next strong resistance zone of 4920-4960. Crossing above this zone will be the next big hurdle for the Bulls. On the downside, support for Nifty Spot comes at todays low of 4840 levels. Below this, Bears will have an upper hand, and they will try to push Nifty downs towards 4810/4790 and 4770 levels. 4770 should offer strong support for the Nifty on closing basis. If however, the Bears manage to close Nifty below this level, then this breakout can be considered a failed breakout, and Positional Shorts can be opened.

12 Jan - Nifty Spot resistance at 4875-4895-4920-4960. Support at 4840-4810-4790-4770 - www.niftypower.com

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11 Jan - Nifty View

On Tuesday, Nifty finally gave a breakout from the 4690 to 4805 range, and closed near the highs of day of 4850. Today was a typical Trend Day, and those who got in early would have reaped the benefits. Traders who took Longs on the breakout above 4805, can now trail their stoploss to 4770 level, which should offer strong support in the event of any downmove from here. Although the trend remains up above 4780 now, Nifty has some pretty strong resistances at upper levels of 4875 and 4930-4960 range. Hence, it is better to be careful with Longs and have tight Stoplosses, to protect profits.

The Nifty option OI Charts are given below:
On the Options front, the day clearly belonged to the Bulls, as the Bears hardly did anything. The Bulls added a huge amount of nearly 50 lacs OI from 4600 PE to 4900 PE strikes. With one day's action, they have changed the face of Option Charts, which is now looking very Bullish, with 4800 as the new 50:50 level, and support coming at 4700 and below levels. 4900 and above are the resistances. However, important to note is that the Bears have not yet started to cover their positions. How these Bears react if and when Nifty reaches near 4900 levels, remains to be seen.

For tomorrow, immediate resistance for Nifty Spot comes at 4875/ and 4895 levels. Above this, Nifty should target its next strong resistance zone of 4930-4960. The Bears are expected to show up again if Nifty reaches near this zone of strong resistance, and try and push it towards its support levels. On the downside, support for Nifty Spot comes at 4820 levels, below which 4800/4770 will be the next support zone. As given earlier, till Nifty stays above 4770, consider the trend as up and Buy on Dips. Below 4770, the breakout can be treated as a failed breakout, and Positional Shorts can be initiated.

11 Jan - Nifty Spot resistance at 4875-4895-4930-4960. Support at 4820-4800-4770-4750 - www.niftypower.com

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10 Jan - Nifty View

On Monday, nifty once again closed in the 4740-4760 band. Today was the sixth consecutive day when Nifty closed within this narrow band. Intraday it has been volatile, but for Positional Traders, it has not done anything for the past six days. This might be a sign for a big move soon. Positional traders should initiate a trade on the breakout from the range of 4690 to 4805, with a tight Stop and Reverse of 20 points. For Options traders, they can buy a straddle of 4700 CE and 4700 PE, and hold till Friday to see if the breakout happens.

The Nifty option OI Charts are given below:

In the ITM Options, it was the Bears who dominated today, adding 8 lacs+ OI at 4800 CE and 4900 CE strikes. The Bulls did not do much at the near strike options. After todays move, 4600 to 4900 is the narrow range as per the Options Charts. 4700 is a minor support and 4800 is a minor resistance. A breakout from the minor supports/ resistances can easily give the next 100 point move. 4500 to 5000 is the larger range as per the Options Charts.

For tomorrow, immediate resistance for Nifty Spot comes at 4755/4760 levels. Above this, it will head for next resistance levels of 4785 and 4805 levels. Above 4805, sharp upmove can be seen towards 4845/4850 levels. On the downside, immediate support for Nifty Spot comes at 4720 levels, below which 4690 is the next support level. As given earlier, below 4690, it will be a breakdown from the range with next major support coming around 4635 levels.

10 Jan - Nifty Spot resistance at 4755-4785-4805-4845. Support at 4720-4690-4660-4635 - www.niftypower.com

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6 Jan - Nifty View

Nifty formed a Doji on Daily Charts today, after having a rangebound day again. In the past two days, it has formed a narrow trading between 4725 and 4785. A breakout from this range should give the next directional move. Till then, it is better to trade intraday for small gains. Below 4725, 4690 and 4635 are the support levels to watch and confirm the breakdown. Similarly, above 4785, the levels of 4805 and 4850 would be the next resistances to watch, for confirmation of the breakout.

The Nifty option OI Charts are given below:

It was a nothing day for Option writers as well. The Bulls added a small amount of OI at 4500 PE and 4700 PE strikes. Similarly, the Bears added a small amount at 4800 CE and above strikes. Overall, the range as per the Options Charts remains the same as yesterday. 4500 to 5000 is the broad range as per the Options Charts. 4600 to 4900 is a narrower range, with 4700 as a minor support, and 4800 as a minor resistance.

For tomorrow, immediate resistance for Nifty Spot comes at 4755/4760 levels. Above this, it will test the upper end of the range at 4785. Above 4785, lot of Long traders will jump in to take Nifty to higher levels of 4805 and 4850. on the downside, support for Nifty Spot comes at 4725/4720 levels. Below this, Bears will have an upper hand, and they will try and push Nifty towards lower levels of 4690 and 4635. Tomorrow, if Nifty gives a breakout from the range of 4725 to 4785, then trade in the direction of the breakout with a tight 20-30 point stoploss.

6 Jan - Nifty Spot resistance at 4760-4785-4805-4850. Support at 4725-4690-4660-4635 - www.niftypower.com

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5 Jan - Nifty View

On Wednesday, Nifty traded rangebound for most part of the day, before turning volatile towards the end, and closed slightly lower near 4740 levels. The Bulls managed to save the Nifty from falling below its support zone of 4720/4725 today. But they were not able cross the resistance of 4800/4805 either. For the remaining part of the week, the zone of 4690/4720 on the downside and 4770/4805 on the upside will be deciding zones for further Bullishness of Bearishness. Both these zones can be treated at no trading zones. breakout or Breakdown from these zones can be used to initiate fresh positions in the direction of the Breakout/ Breakdown.

The Nifty option OI Charts are given below:

The Bulls added a small amount of 8 lacs+ OI from 4500 PE to 4700 PE strikes. The Bears also did not do much today, adding a small amount of 6 lacs+ OI from 4800 CE to 5000 CE strike. Overall, the range as per the Options Charts remains the same as yesterday. 4500 to 5000 is the broad range as per the Options Charts. 4600 to 4900 is a narrower range, with 4700 as a minor support, and 4800 as a minor resistance.

For tomorrow, immediate resistance for Nifty Spot comes at 4765/4770 levels. Above this, it will again attempt to test its strong resistance of 4800/4805. Above 4805, short covering can pull nifty up towards 4850/4870 and 4920 levels. On the downside, support for Nifty Spot comes at 4725/4720 levels, below which, the next support of 4690 will be tested. Below 4690, Bears will take control and push Nifty towards lower levels.

5 Jan - Nifty Spot resistance at 4765-4805-4850-4870. Support at 4725-4690-4660-4635 - www.niftypower.com

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4 Jan - Nifty View

Nifty had a trend today, after the Bullish Hammer formed on Daily Charts yesterday. It cleared its resistance zone of 4690-4720 in the morning trades, and thereafter had a continuous upmove, to close near its next strong resistance of 4760. Now, as long as it stays above the 4690/4720 zone, consider the trend as up only. Traders who initiated long above 4720 can keep a stop and reverse at 4690.

The Nifty option OI Charts are given below:

The one Strike that stands out in today's Options Charts is 4700 PE. Huge addition of 18 lacs+ OI by the Bulls was done at this strike. Apart from this, the Bulls also added OI from 4500 PE to 4800 PE strikes. From the Bears, the was big amount of covering that was done at 4700 CE strike. The action at 4700 CE and 4700 PE gives a very Bullish picture as of now. We can wait for a follow-up action in the coming days. But the Bulls seem to be determined to form a support at this level as of now. 4500 to 5000 is the broad range as per the Options Charts. 4600 to 4900 is a narrower range, with 4700 as a minor support, and 4800 as a minor resistance.

For tomorrow, immediate resistance for Nifty Spot comes at 4775 levels, above which, it will again test the recent highs near 4800 level. The Bears are expected to give stiff resistance at 4800 to the Bulls. However, if that level is breached, we may see another short covering rally for 4850/4870 and 4920 levels. On the downside, support for Nifty Spot now comes at 4750 levels. Below this, the support of 4720/4725 can be tested again. Consider the trend as up only till Nifty stays above 4720. Below 4720, 4690/4695 can be tested. The zone of of 4690-4720 is a no trading zone. Below 4690, Bears will have an upper hand, and this breakout will can be considered to be a failed breakout.

4 Jan - Nifty Spot resistance at 4775-4800-4850-5875. Support at 4750-4725-4690-4640 - www.niftypower.com

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3 Jan - Nifty View

On Monday, Nifty closed slightly up after declining to 4588 intraday, forming a sort of Bullish Hammer candlestick on Daily Charts. Tomorrow, if it is able to sustain above the closing price of today, then the Bulls may attempt a rally towards 4690/4720 zone. What happens in that zone remains to be seen.

The Nifty option OI Charts are given below:

Today, the Bulls added 21 lacs+ OI from 4300 PE to 4600 PE strikes. On the other hand, the Bears added a smaller amount of 14 lacs+ OI from 4600 CE to 4900 CE strikes. The range developing for this series as per the Options Charts is 4500 to 5000. Supports are at 4600 and below levels. Resistances are at 4700 and above levels.

For tomorrow, immediate resistance for Nifty Spot comes at 4645 levels. Above this, it will test its next resistance at 4670 . Above 4670, Nifty will again head towards the No Trading Zone of 4690 to 4720. Both the Bulls and the Bears are expected to fight it out in this zone, and it is better to watch who wins before initiating a trade in this zone. Above 4720, we can witness a short covering rally. And below 4690, the downtrend will remain intact. on the downside, support for Nifty Spot comes at 4620 and 4590 levels, below which the recent lows of 4550 and 4530 will be tested.

3 Jan - Nifty Spot resistance at 4645-4670-4690-4720. Support at 4620-4590-4555-4530 - www.niftypower.com

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