17 July - Nifty View

On Monday, Nifty declined but took support near its gap area created on 29th June. The low on that day on Nifty Spot was 5189, whereas the low yesterday was 5190. If Nifty breaks and closes below this level, then most likely it will go down to close the Gap. The Support zone will then be 5135-5160. Hence, for now, no trades are open. Positional shorts can be opened below 5190, which has to be confirmed by a close below 5135.

The Nifty Option OI Charts are given below:



On the Options front, the Bears were active at 5200 CE and 5300 CE strikes, where they added 15 lacs+ OI. On the other hand, the Bulls covered 15 lacs+ OI from 5200 PE to 5400 PE strikes. Overall, from the Option charts, 5200 seems to be in danger as of now. Below this level, 5000 is the next major support level for the Bulls. 5300 and 5400 has emerged as the major resistances for this series.

For Tuesday, immediate resistance for Nifty Spot comes at 5215-5245 zone. Staying below this zone, the trend will be Bearish and the support level of 5190 will be in danger. In the zone, the movement is expected to be choppy. Above 5245, Nifty Spot can head for 5270, where again it will face selling pressure. Only if it manages to close above 5270, can the Bulls for some relief rally. On the downside, support for Nifty Spot comes at 5190 Spot. Below this, it will further slide towards 5160-5135 and 5120 levels.

17 July - Nifty Spot resistance at 5215-5245-5270-5305. Support at 5190-5160-5135-5120 - www.niftypower.com

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