14 Mar - Nifty View

Nifty had a Gap Up opening on Tuesday, just above its resistance zone of 5375-5390, and then sustained above it for the entire day and closed above 5430 level. The breakout has happened and those in Longs now can now keep a stop and reverse near 5320 level on closing basis. On the upside, next important resistance for Nifty Spot comes at 5490/5500 level.

The Nifty option OI Charts are given below:


On the Options front, the Bulls added a good amount of 22 lacs+ OI from 5100 PE to 5400 PE strikes, the maximum being at 5400 PE. The Bears covered 8 lacs+ OI at 5300 CE and 5400 CE strike. Overall, the Option Charts show 5400 as the 50:50 level. Below that, 5300 is a minor support, while 5200 is a major support level for this series. On the upside, 5500 is a minor resistance, while 5600 is the major resistance for this series.

For tomorrow, immediate resistance for Nifty Spot comes at 5455-5460 levels. Above this, lies the important resistance zone of 5490-5500 level. A close above this resistance zone can easily bring another 100 point rally for the Bulls. On the downside, immediate support for Nifty Spot now comes at 5390/5380 levels. Below this, the Bears will try and test the next supports of 5345 and 5320 level. Till the time it stays above 5320 now, Nifty remains a Buy on Dips. If it moves below 5320 Spot, then all longs should be converted into Positional Shorts.

14 Mar - Nifty Spot resistance at 5460-5495-5515-5555. Support at 5385-5345-5320-5290 - www.niftypower.com

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