On Thursday, Nifty opened flat in the morning, made a nice upmove in the afternoon, to close above 5700 levels, in its strong resistance zone of 5715-5735. Nifty has not done anything this entire week. It has continued to trade within the 100 point range of 5630 to 5730, which was identified in previous Nifty View. During the week, it tested the lower end of the range, and at the end of the week, it is near the upper end of the range. Positional traders should wait for a breakout/ breakdown from this range before initiating a trade. Friday can provide that breakout.
The Nifty Option OI Charts are given below:
On the Options front, it was day that belonged to the Bulls. The added 32 lacs+ OI from 5600 PE to 5800 PE strike. On the other hand, the Bears ran for cover, and covered 43 lacs+ OI from 5600 CE to 5800 CE strike. From the Option Charts of Thursday, it looks as if the Bears have given up their hopes of breaking 5600 on Nifty. Overall, the picture remains the same. 5600 to 5800 is the clear defined range for this series. 5700 is the 50:50 level between the Bulls and the Bears.
For Friday, immediate resistance for Nifty Spot comes in 5715-5735 zone and then around 5750 level. If it manages to stay above these levels, then we can see some panic covering from the Bears. On the downside, support for Nifty Spot comes around 5690/5670, and then at 5650 levels. Below 5690, the Bear will have an upper hand. 5670 to 5730 is the expected trading range for Friday. Any movement outside this range, can bring good movement in the direction of the breakout.
19 Oct - Nifty Spot resistance at 5715-5735-5750-5795. Support at 5690-5670-5655-5630 - www.niftypower.com
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