6 July - Nifty View

On Thursday, Nifty has closed just above its resistance zone of 5315-5320. Is has been a lackluster week, with extremely rangebound movement. Tomorrow, being the end of the week, some movement might be seen. The trend remains up as long as Nifty remains above 5200 now, and positional traders can raise their stoploss to this level. Before that, 5260 and 5220 are two minor support areas to watch out for, which can be re-entry level for longs, if nifty dips to those levels.

The Nifty Option OI Charts are given below:

The Bulls were again quite active the strikes of 5200 PE and 5300 PE , adding 14 lacs+ OI. On the other hand, the Bears are adding OI at higher strikes. They added 10 lacs+ at 5500 CE and 5600 CE. Overall, from the Option charts, 5200 and 5000 are the supports, while 5400 is the resistance.

For tomorrow, immediate resistance for Nifty Spot comes at 5320/5330 zone. Staying above this, Nifty will target 5400+ levels, with minor resistances coming at 5360 and 5385 levels. On the downside, support for Nifty Spot comes at 5300/5290 levels. Below this, it will slide towards 5260-5220 and 5190/5200 levels. Below 5200/5190, Positional longs can be reversed to Shorts.

6 July - Nifty Spot resistance at 5330-5360-5385-5405. Support at 5295-5260-5220-5195 - www.niftypower.com

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