2 Nov - Nifty View

Nifty, after giving the breaking below 5630 Spot level on Tuesday, crawled back up in the past two days, to close near 5640 level on Thursday. The Short term trend remains down till it is trading and closing below 5660 Spot level. Hence, Positional traders can maintain their stoploss at 5660 level. Friday's movement will provide better clues to the coming movement in Nifty. If it manages to close above 5630/5660 level, it will once again enter into the sideways range. The range of 5630 to 5730/5750 is better suited for intraday trades, rather than taking Positions on either side, as movement has been choppy within this range. But volatility is sufficient for good intraday trades.

The Nifty Option OI Charts are given below:    

On the Options front, the Bears went missing today. There was hardly any addition done in Call Options. On the other hand, the Bulls also added only a small amount of 4 lacs+ OI at 5600 PE, and another 7 lacs+ OI at 5300 PE strike. It looks as if the Option writers are also keeping a wait and watch policy, after today's movement. Overall, from the Option Charts, 5600 is a minor support, while 5700 is a minor resistance area. Once this range resolves, we should get clear support and resistance levels from the Option Charts.

For tomorrow, immediate resistance for Nifty Spot comes around 5660/5670 level. If sustains above this level, then it should head for higher levels of 5695 and 5730/5750 level. Above 5750, it will be an upward breakout in Nifty. On the downside, support for Nifty Spot comes around 5630 level. If breaks it again, then the Bears will again try to push it lower towards 5605/5590 and 5560 level.

2 Nov - Nifty Spot resistance at 5665-5695-5730-5755. Support at 5630-5605-5590-5560 - www.niftypower.com

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