15 Feb - Nifty View

On Tuesday, Nifty opened flat, and traded rangebound for the entire day, except for the last half hour, where it scared the Bears by threatening to give a breakout above the last week Doji level. However, it stopped right the breakout level, keeping both the Bulls and the Bears guessing. Tomorrow will be an important day for the Bulls, who have their best chance to try and give a breakout above 5430 Spot, which they have been trying since past week. A failed move on the upside can lead to a short term corrective move. Keep an eye on the levels and initiate trades accordingly tomorrow.

The Nifty option OI Charts are given below:

It was a nothing day on the Options front, except for the action at the 5400 CE and 5400 PE strike. The Bulls added nearly 8 lacs OI at 5400 PE strike, while the Bears covered nearly 7 lacs OI at 5400 CE strike. 5400 still remains the battleground level between the Bulls and the Bears. On the upside, 5500 is the level at which the maximum amount of open interest is there in Calls. Apart from that, there is no real resistance ahead, from the option point of view. On the downside, maximum open interest is at 5300 PE level, and good open interest also exists from 5000 PE to 5200 PE strikes, which makes each of this levels a good support area as of now.

For tomorrow, immediate resistance for Nifty Spot comes at 5425/5430 level. Above this, Nifty can breakout towards 5500+ levele, with minor reistances coming at 5445 and 5485 levels. On the downside, support for Nifty Spot comes at 5405/5410 level. Below this, a correction towards 5390-5370 and 5350 can come. Below 5350, we can have a longer short term correction.

15 Feb - Nifty Spot resistance at 5430-5445-5485-5510. Support at 5405-5390-5370-5350 - www.niftypower.com


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