Coming Soon - LIVE Nifty Charts!

At NiftyPower, we have continued to evolve since inception. We believe that the Best way to improve and evolve is by listening to the clients needs, and fulfilling them to the best of our abilities. To this end, comes our next addition - LIVE Nifty Charts. These charts will have Buy/ Sell Signals with Targets and Stoploss. We are still bringing this to final shape, setting rules and designing a New Package for these charts. Till then, check out the trial video of these charts -

http://youtu.be/CAeMX7nVpLA

30 May - Nifty View

On Tuesday, Nifty closed slightly down, after having a gap up opening in the morning. The trend remains up, although the declining volumes are a worry. the 200 DMA is the next big resistance for Nifty, and a close above that might trigger a short covering rally and some panic among the Bears. Positional traders long on Nifty can book profits above 5000 on Nifty, and wait to see if it manages to close above the 200 DMA. there will be plenty of opportunities to re-initiate long trades after that. On the downside, no shorts advised till Nifty Spot is trading above the levels of 4920 as of now. Only below 4920, will the Bears have an upper hand. Till then, it remains a Buy on Dips market.

The Nifty Option OI Charts are given below:


In the Expiry week, little action is expected as far as addition of OI goes. However, the Bulls seem confident of a Bullish expiry. They added 18 lacs+ OI between 4800 PE to 5000 PE strikes. On the other hand, the Bears covered 16 lacs+ OI at between 4800 CE to 5000 CE strikes. Just 2 days to go for Expiry, and the Option Charts still dos not have a 50:50 level. 4900 is minor support, while 5000 is minor resistance. 4800 to 5100 is the broad trading range.

For tomorrow, immediate resistance for Nifty Spot now comes at 5020-5030 zone. Above this, short covering can straightaway take Nifty towards 5080/5090 levels. On the downside, support for Nifty Spot comes around 4955/4960 level. If it slide below 4955, then a retest of the breakout level of 4935/4940 can be done. Failure to hold 4935/4920 will lead to bigger slides in Nifty.

30 May - Nifty Spot resistance at 5025-5070-5095-5120. Support at 4960-4935-4920-4870 - www.niftypower.com

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29 May - Nifty View

Nifty closed up by 60+ points on Monday, crossing at closing above its previous high near 4960 level. In the process, it has formed a higher low and now, a higher high on short term charts. At NiftyPower, we closed our Positional longs which were taken around 4880 level. Although the trend remains up, the volatility might increase as Nifty nears the resistance area at 5030 and 5085 Spot, in the expiry week. Hence, better to take profits off the table, and wait for a suitable re-entry zone or the next signal.

The Nifty Option OI Charts are given below:



On the Options front, there was a huge covering of 27 lacs+ OI from 4800 CE to 5000 CE strikes by the Bears. Also, there was an equally huge addition of 17 lacs+ OI at 4900 PE and 5000 PE by the Bulls. The Options data points to a bullish picture today. Going into the expiry week, 4900 has become a minor support level while 5000 is a minor resistance level. 4800 to 5100 is the broad range for this expiry.

For tomorrow, immediate resistance for Nifty Spot now comes at 5020-5030 zone. Above this, short covering can straightaway take Nifty towards 5080/5090 levels. On the downside, support for Nifty Spot comes around 4955/4960 level. Any decline towards these levels can be utilized to create intraday long positions. If it slide below 4955, then a retest of the breakout level of 4935/4940 can be done. Failure to hold 4935 will lead to bigger slides in Nifty.

29 May - Nifty Spot resistance at 5025-5070-5095-5120. Support at 4960-4935-4920-4870 - www.niftypower.com

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28 May - Nifty View

25 May - Nifty View

Nifty made a comeback on Thursday, after breaking out above its resistance of 4850, and closing near the highest point of the day. In this week, it has not broken the low formed last Friday, and took support near the 4800 mark. Hence, on daily charts, it has formed a higher low. Now if it is able to move past 4950/4960 and sustain there, it will form a higher high, which could signal a short term trend reversal. If not, then a break below 4870/4850 is required to awake the sleeping Bears again.

23 May - Nifty View

On Tuesday, Nifty just at its resistance zzone of 4950/4960, and slid below it in the first five minutes itself, to start a downward journey of more than 100 points. It was a great opportunity for the Bulls to try and force some short covering. However, they failed and a failed breakout brings a fast action in the opposite direction. That is what we witnessed today. Nifty has now formed a well defined resistance zone of 4930-4950. Below this, it will remain a Sell on Rise market.

The Nifty Option OI Charts are given below:


The Bears got active today. They added a good amount of 21 lacs+ OI at the three strikes of 4800 CE, 4900 CE and 5000 CE. On the other hand, the Bulls did were mainly active at 4700 PE strike adding 7 lacs+ OI at that strike. Overall, 4700 is the major support, while 5000 is the major resistance for this series. 4800 to 5000 is the narrow range, while 4900 is the battlezone level between the Bulls and the Bears as of now.

For tomorrow, immediate resistance for Nifty Spot comes at 4890/4895 level. If manages to cross this, then it can again target 4920/4950, where the Bears will apply the selling pressure again. Seeing the fall of today, an immediate test of these levels looks unlikely. On the downside, immediate support for Nifty Spot comes around 4850 levels. If slides below this, the downward pressure will continue, and Nifty can test 4790 levels easily.

23 May - Nifty Spot resistance at 4895-4925-4955-4980. Support at 4850-4820-4790-4760 - www.niftypower.com


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21 May - Nifty View

Nifty closed the week on a positive note, by forming a Bullish Engulfing candle on Daily charts. It is similar to the one formed on 15th May, which failed as there was no follow-up move. However, there are other positive indications for the Bulls going forward, inspite of the nervousness in global markets. Friday's upmove was on rising volumes, which is a good sign. Also, Nifty closed above the falling breakout line, which should now again act as a support on declines. Add to that, oscillators like Stochastics and RSI are reaching oversold levels. Hence, a relief rally may just be around the corner. However, the Lower Low Lower Highs formation is continuing, and till this is convincingly broken, this downtrend can resume anytime. 4930/4950 is the immediate resistance line, a close above which can lead to a short term trend change in Nifty. Hence, all positional shorts can Stop and Reverse their trades above this level.

The Nifty Option OI Charts are given below:


There was not much addition of OI done by either the Bulls or the Bears on Friday. The Option charts show a sort of indecision between the two levels of 4900 and 5000 as of now. 4800 has emerged as a major support, while 5100 is the immediate major resistance ahead.

For tomorrow, immediate resistance for Nifty Spot comes at 4920/4930 level. If it manages to stay above this, it can lead to a short covering rally for higher levels of 4955/4980 and 5020. On the downside, support for Nifty Spot should now come at 4880/4890 level. Below this, it can slide further towards 4855/4850 level. A move below 4850 will again bring downward momentum.

21 May - Nifty Spot resistance at 4925-4955-4980-5020. Support at 4885-4850-4820-4790 - www.niftypower.com

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16 May - Nifty View

15 May - Nifty View

Attached above is the weekly chart of Nifty Future. Nifty is in a downtrend in Hourly and Daily timeframes (and all time frames between them). However, if we check the weekly charts, we find that it has still not retraced the breakout from the falling trendline, from which it broke out from in the last week of January 2012. That breakout had happened after more than one year of downtrend on weekly charts. Hence, till the time it convincingly closes below this falling trendline (in which case this breakout will be treated as a whipsaw), the Bulls still have a chance. Traders who are in shorts based on weekly charts can now keep a stop and reverse around 5050 level to lock in the profits. Infact, positive momentum can be seen in Nifty even if the Bulls manage to close Nifty above 4950/4960 level as of now. Aggressive traders can also keep a stoploss at that level to lock in the profits, and reshort if Nifty closes below 4950.

The Nifty Option OI Charts are given below:

On the Options front, there was no major action today, except for covering of nearly 6 lacs OI at 5000 PE by the Bulls. The Bears added 13 lacs+ OI from 4900 CE to 5200 CE strikes. Overall, the levels of 4900 and 4800 are the support levels for Nifty for this series. 5000 is the 50:50 level, while 5100 and above are the resistances.

For tomorrow, immediate resistance for Nifty Spot comes aaround 4920 level. Staying above this, the Bulls will again aim for 4950 and 4980 levels, where Nifty is expected to face some selling pressure again. If stays above 4950/4980, then 5040 can be the immediate upside target. On the downside, support for Nifty Spot now comes at 4880/4875 levels. Below this, it will slide towards lower levels of 4855, 4820 and 4760 levels.

15 May - Nifty Spot resistance at 4920-4955-4980-5020. Support at 4880-4855-4820-4760 - www.niftypower.com

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14 May - Nifty View

10 May - Nifty View

Nifty continues the lower lows and lower high formed. Positional traders holding short positions can now move their stoploss lower to around 5070 Spot level on closing basis. The first signs of a trend change will come only when Nifty Spot will be able to close above 5130/5150 level. Till then consider the trend as down only.

The Nifty Option OI Charts are given below:

On a day when Nifty closed down, it was interesting to see a huge 19 lacs+ OI addition at 4900 PE by the Bulls. This might be the last support for this upmove, and the Bulls seem to be trying their best to save it. On the other hand, the Bears added a steady amount of 14 lacs+ OI from 5000 CE to 5200 CE strike. Overall, 5100 is the 50:50 level for this series as of now. 5000 is a minor support, though Nifty has closed below this level today. 4900 to 5200 is the range as of now.

For tomorrow, immediate resistance for Nifty Spot comes around 5000-5010 level. Staying above this, the Bulls can hope or a recovery upto 5045-5075 level, where again it will meet selling pressure. A close above 5070 will give the first signs of relief from this downmove now. On the downside, support for Nifty Spot comes around 4950 level. Below this, 4860 will be the positional target for Nifty, with minor supports coming in between at 4920  and 4900 level.

10 May - Nifty Spot resistance at 5005-5045-5075-5115. Support at 4950-4920-4900-4860 - www.niftypower.com

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7 May - Nifty View

On Friday, Nifty confirmed the Sell signal formed on Thursday, by forming a Lower Low and closing below 5150 Spot, as well as the 200 DMA. Traders in Short position can now keep a stoploss at 5150 on closing basis to lock in the profits. This downmove has come after a long period of consolidation, and should bring some momentum on the downside now. The falling trendline joining the recent lows is the last hope for the Bulls. The support for this trendline comes around 5000 level as of now. 

The Nifty Options OI Charts are given below:  

 

On the Options front, there was a huge addition of 15 lacs+ OI at 5000 PE strike, and a equally huge covering of 12 lacs+ OI at 5200 PE strike. Only if and when Nifty  moves above 5200 now, would this downtrend be considered to be over. 5000, as given before also, is the next major support. For the Bears, there was a huge addition of 38 lacs+ OI at the three strikes of 5100 CE to 5300 CE. With this, they have built some solid resistances on the way up for Nifty. Overall, 5000 to 5300/5400 is the developing range for Nifty for this month.

For tomorrow, immediate resistance for Nifty Spot comes at 5090/5095 level. Above this, the Bulls can hope for a relief rally towards 5120-5155 levels, which will be good opportunities to Sell again. On the downside, support for Nifty Spot comes at 5070 and then at 5040/ 5000 levels. The level of 5000 can provide some support to Nifty. Below that, 4950/4960 can come quickly.

7 May - Nifty Spot resistance at 5095-5120-5155-5190. Support at 5070-5040-5000-4955 - www.niftypower.com

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4 May - Nifty View

 On Thursday, Nifty closed below its important support of 5220, stopping out the Long Trade and initiating a Short Trade. The breakout looks failed at this moment, and a move and close below 5150 spot will confirm it. It has formed a lower high, and a close below 5150 will form a lower low, which will form a new downtrending pattern. Hence, a close below 5150 can now bring the much needed momentum on the downside. Till then, its better to book small profits till the time Nifty is trading between the range of 5150 and 5350 Spot.

The Nifty Options OI Charts are given below: 

 

 

The Bulls added 14 lacs+ OI at 5000 PE and 5100 PE strikes today, but covered nearly 4 lacs at 5200 PE strike. At this time, big build up is seen at these two strikes, unlike last month, where support was built up at 5200 level. On the other hand, the Bears added an almost equal quantity of 13 lacs+ OI at 5200 CE and 5300 CE strikes. After todays additions, 5200 and 5300 remain the minor support and resistances levels for Nifty, while the broader range remains at 5100 to 5400.

For tomorrow, immediate resistance for Nifty Spot comes at 5215/5220 level. If it manages to stay above this, then the Bulls can push it higher towards 5260 and 5280 levels. On the downside, support for Nifty Spot comes at 5180 level.Below this, the intraday will be negative, and Nifty can slide lower towards 5150/5120 and 5070 levels.

4 May - Nifty Spot resistance at 5220-5260-6285-5320. Support at 5180-5150-5120-5070 - www.niftypower.com

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2 May - Nifty View - www.niftypower.com

 On Monday, Nifty closed right at the crucial level of 5250. Tomorrow, a move past this zone of 5250-5260 will indicate a breakout for a short term trend change. After a rangebound month of April, will this breakout be real, or will it again move back into the range? That is something which is irrelevant to think about. As traders, we have to trade each and every breakout, because whether it is real or not, that is something nobody knows. Positional traders can keep a stop and reverse at 5220 if the breakout happens on the upside.

The Nifty option OI Charts are given below: 

On the Options front, the Bulls are adding open interest at 5200 PE strike, which has now become a minor support area, with major support coming at 5100 and 5000 levels, where maximum open interest in Puts is seen. The Bears added open interest at 5400 CE and 5500 CE strike. The maximum open interest in Calls is at 5400 and 5600 levels. The immediate narrow range is 5200 to 5300, which should be resolved soon, if a breakout has to happen.

For tomorrow, immediate resistance for Nifty Spot comes at 5260 level. Trading above this, Bulls will be in control, and Nifty can rally upto 5290 and 5320/5330 level, where again some selling pressure is expected to come. On the downside, support for Nifty Spot now comes at 5220 level. Below this, a retest of the retest lows at 5155 is possible, with minor supports coming at 5200 and 5180 level.

2 May - Nifty Spot resistance at 5260-5290-5320-5360. Support at 5220-5200-5180-5155 - www.niftypower.com

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