On Friday, Nifty opened down, near 5680 levels, continued down to again test its support level of 5640, before recovering slightly to close near 5665 level. It continues to trade within the narrow 100 point range of 5630 to 5730. Till it breaks out of this range, the levels given in previous Nifty View remains valid. Positional traders have to patiently wait for this range to break, before initiating any trade.
The Nifty Option OI Charts are given below:
On the Options front, the Bears were active at 5700 and above strike, adding 26 lacs+ OI from 5700 CE to 6000 CE strike. On the other hand, the Bulls were active at 5700 PE strike, where they added 6 lacs+ OI. Below that, any significant OI addition was at OTM strikes of 5400 PE and 5200 PE strike. Overall, just like last series, the level of 5700 is the 50:50 level in this series also, as per the Option Charts. 5600 and below are the supports, while 5800 and above are the resistances.
For tomorrow, immediate resistance for Nifty Spot comes at 5690/5695 level. Staying above this level, the Bulls will have an upper hand, and they will attempt to again cross the 5715/5735 range. On the downside, support for Nifty Spot comes at 5660/5655 level. Below this, the support levels of 5630/5635 will be tested again. Any significant move is expected only outside this range of 5630 to 5735.
29 Oct - Nifty Spot resistance at 5690-5715-5735-5755. Support at 5655-5630-5605-5565 - www.niftypower.com
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