14 June - Nifty View

After giving a breakout above 4925 on 6th June, Nifty has given a good 200 point rally and it might be time for some cooling off. It formed a Doji on Daily charts on Wednesday, and the follow-up move can be taken for initiating trades tomorrow. 5135 on the upside and 5100 on the downside are the levels to watch. Take a long trade above 5135 and Short below 5100. In between, do nothing. For Positional traders, it is still Long trade with Stop and Reverse level near 5020 now.

The Nifty Option OI Charts are given below:

There was little addition of 11 lacs+ OI at the three strikes of 4900 PE to 5100 PE from the Bulls. The Bulls were mainly active only in one strike of 5200 CE, where they added 5 lacs+ OI. overall, there are two levels of contention between the Bulls and the Bears. Thy are 5000 and 5100. The major support for this series is 4800, while the toughest resistance is at 5200, as per the Option charts.

For tomorrow, immediate resistance for Nifty Spot comes at 5130/5135 levels. Staying above this, the intraday trend will be positive and the Bulls will head for next resistance levels of 5205, with minor resistance at 5150. On the downside, support for Nifty Spot comes at 5100/5095 level. Staying below this, Nifty can slide towards 5020 level, with supports in between at 5060 level.

14 June - Nifty Spot resistance at 5130-5150-5185-5205. Support at 5100-5060-5040-5015 - www.niftypower.com

Premarket Call -
1. Buy Nifty Future above 5135 Stoploss 5105 Target 5160-5190
2. Sell Nifty Future below 5100 Stoploss 5130 Target 5070-5040

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