On Wednesday, Nifty had another down day, closing just below its support level of 5655/5660. The downtrend, which was indicated in earlier Nifty View, has been confirmed, and traders can keep 5750 Nifty Spot as the invalidation point as of now. On the downside, support for Nifty Spot exists at 5630/5625 level, which was the recent low and also the breakout level, where Nifty made the yearly high. Below this level, more downsides can be expected, and Nifty can fall till 5550/5560 level. Hence, Positional traders are advised to hold Nifty Shorts with Stop and Reverse above 5750 on closing basis. Also, it will be prudent to book partial profits around around 5630 Nifty Spot level, as it is an important support level.
The Nifty Option OI Charts are given below:
On the Options front, it was the Bears day again, who added 13 lacs+ OI at 5700 CE, and 8 lacs+ OI at 5900 CE strike. The Bulls added a small quantity of 6 lacs+ OI at 5400 PE and 5 lacs+ OI at 5500 PE strike. Overall, 5700 is the clear 50:50 level as of now. Below that, 5600 to 5400 are the support levels. 5800 to 6000 are the biggest resistances for this series, with open interest exceeding 70 lacs+ OI in Call Options above 5800 CE strike.
For tomorrow, immediate resistance for Nifty Spot now comes around 5670 Spot level. Staying above this, the Bulls will again try to take it to resistance levels of 5690/5715 and 5735. The short term trend remains down, and all such rises are expected to meet with selling pressure. On the downside, support for Nifty Spot comes at 5630/5625 levels. Below this, Nifty can slide towards 5560/5550 level, with minor support coming at 5600/5595 in between.
11 Oct - Nifty Spot resistance at 5670-5690-5715-5735. Support at 5625-5605-5560-5520 - www.niftypower.com
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