Nifty continued to trade above its 200 DMA, and closed above it on Friday. It has formed a short term support now near the 5020 Spot area, and positional traders who are long can now move their stoploss to this level. It also managed to close just above its resistance zone of 5120-5130, and as long as it stays above this on Monday, the sentiment should be Bullish.
The Nifty Option OI Charts are given below:
The Option charts also show a Bullish picture from Friday. The Bulls added a huge amount of 13 lacs+ OI at 5100 PE strike, while the Bears covered 5 lacs+ at 5100 CE. After Friday's move,5000 to 5200 has started to as the narrow range , with 5100 as the 50:50 level as of now.
For tomorrow, immediate resistance for Nifty Spot comes at 5145/5150 level. Above this, it will head for its next resistance zone of 5190/5205, where again some selling pressure is expected to come. Above 5205, levels of 5245 and 5270 can come quickly. On the downside, immediate support for Nifty Spot now comes at 5125/5120 levels. Below this, Nifty Spot can again slide towards 5090-5060 and 5040 levels.
18 June - Nifty Spot resistance at 5150-5190-5205-5245. Support at 5120-5090-5060-5040 - www.niftypower.com
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