On Tuesday, Nifty spent majority part of the day within the zone of 5220-5230, which was identified as a resistance zone in Monday's post. It closed slightly up in a rangebound day. The trend remains down, and positional shorts should keep stoploss near cost around 5280-5290 Spot region. Many a times a trending move materializes on/ just before the Expiry day. As the trend remains down, the direction of the expected breakout is on the downside, and any upmove till 5270 can be used to build Short positions, with a Stop and Reverse at 5290 Spot level.
The Nifty option OI Charts are given below:
So close near to the expiry, not much is expected to happen on the options front. That was the case today. There was covering at almost all the ITM strikes. The Options charts look the same as they did yesterday. 5200 has now become a minor support, and 5300 a minor resistance. With two days to go for expiry, a move outside this 100 point range can bring in a lot of volatility.
For tomorrow, immediate resistance for Nifty Spot again comes at 5220-5230
zone. Staying above this, the Bulls can take it towards higher level resistances of 5250 and 5285/5290. A move above 5290 will once
again trigger positional longs now. On the downside, support for Nifty Spot comes at 5200 and then at
5175-5180 level. Below this, the next supports come at 5150-5125 and
5070 level. Below 5070, bigger falls will come in Nifty.
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