Nifty has again closed above its 200 DMA and closed just at its resistance zone near 5130 Spot level. Tomorrow can be a breakout/ breakdown day. Short term trend is Up at present, and it will turn down only on a close below 5020. A break below 5100/5080 will be the first warning bell for the Bulls. On the upside, the zone of 5130/5135 is proving to be tough resistance. If it sustains above this, Nifty can again retest 5200+ levels.
The Nifty Option OI Charts are given below:
The options charts have quite a Bullish look today. The Bulls added a huge quantity of 27 lacs+ OI from 5000 PE to 5200 PE strikes. On the other hand, the Bears added a huge quantity of 13 lacs+ OI at 5300 CE strike. After today's addition, 5100 has become the 50:50 level between the Bulls and the Bears. Support for Nifty is at 5000, while resistance is at 5200 and 5300 levels.
For tomorrow, immediate resistance for Nifty Spot comes around 5130 level. Staying above this, it will head higher towards its next resistance levels of 5150-5190 levels. On the downside, support for Nifty Spot now comes at 5105/5100 level. Below this, the intraday trend will be down, and Nifty will slide towards it next support levels.
21 Jun - Nifty Spot resistance at 5130-5150-5190-5205. Support at 5100-5080-5055-5020 - www.niftypower.com
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Premarket Call -
1. Buy Nifty Future above 5130 Stoploss 5105 Target 5150-5185
2. Sell Nifty Future below 5100 Stoploss 5130 Target 5070-5040
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