The October Expiry in Nifty finally happened in the most obvious and expected way. It ended right near 5700 level, which was being indicated from the Option Charts for entire month of October. For almost the entire month of October, Nifty has consolidated between the 100 point range of 5630 to 5730 Spot. This range was identified in the Nifty View of 12th October, and Nifty has traded within this band ever since. Positional traders have to patiently wait for this range to break, and then trade in the direction of the breakout with a tight stoploss.
The Nifty Option OI Charts are given below:
On the last day of the Expiry, there was small additions done at various strikes of next series by both the Bulls and the Bears. The November Series also begins with 5700 being the 50:50 level. The Bulls are again building support at 5600 level. On the upside, 5900 is the biggest resistance, with the maximum OI in Calls being at 5900 CE strike. 5800 is a minor resistance as of now.
For tomorrow, immediate resistance for Nifty Spot comes at 5715-5735 zone. Above this, the next important resistance level is at 5750/5755. Staying above this, we can see a short covering rally in Nifty for 5795 levels. On the downside, support for Nifty Spot comes around 5690 levels. Below this, the Bears will have an upper hand, and the next important support level for Nifty Spot comes at 5660/5655 levels. Below 5660/5655, lies the most important levels of 5630/5625, which can be a short term trend deciding level of Nifty.
26 Oct - Nifty Spot resistance at 5715-5735-5755-5795. Support at 5690-5660-5630-5605 - www.niftypower.com
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