Nifty had a Chaotic day on Friday, with Freak Trades from a broker (according to official version) hitting the lower circuit on Nifty Spot, which halted the trading for a short period of time. Nifty was in correction mode before the freak fall, and after that, it went on to test its breakout support levels around 5735 again, and closed near to that level. The down day of Friday may have started the correction/consolidation phase. Positional traders can maintain the Stoploss of 5735 on Nifty Spot on closing basis, and 5690 on intraday basis. Aggressive traders can even go short on breach of 5690 Nifty Spot level, with Stop and Reverse above 5735 Spot level.
On the Options front, it was Bears Day Out, as they added a Huge Quantity of 34 lacs+ OI from 5800 CE to 6100 CE strike, the maximum being 15 lacs+ OI at 5800 CE strike alone. The Bulls did not do much on Friday. The Bars have turned the level of 5800 into a minor resistance level again, while 5700 remains a minor support. A breakout/ breakdown from this 100 point range of 5700-5800 can easily bring the next 100 point move in Nifty. Overall, 5690 to 5815 can be treated as the current trading range for Nifty Spot.
For tomorrow, immediate resistance for Nifty Spot comes at 5750 level. Above this, the intraday trend will be positive, and the Bulls will try to pull it toward upper level resistance of 5775-5795 and 5815 levels. On the downside, support for Nifty Spot comes at 5735-5715 and 5690 levels. The Bears will have an upper hand if Nifty Spot sustains below 5715 in intraday trade. Below 5690, short term correction can start in Nifty.
8 Oct - Nifty Spot resistance at 5750-5775-5795-5815. Support at 5735-5715-5690-5660 - www.niftypower.com
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