On Friday, Nifty opened flat, declined in intraday trade and tested its support level of 5590 Spot, and then recovered to close near its resistance level of 5625/5630. As given in previous Nifty View, Positional traders should have opened small long Positions with a Stop and Reverse at 5570 Spot level. This Stoploss can be raised near 5590 level now, which was Friday's low. On the upside, 5630/5655 remains the resistances to watch, and until Nifty is able to cross and sustain above this zone, this upmove will be suspect. Hence, it is better to keep a tight Stoploss in Long positions.
The Nifty Option OI Charts are given below:
On the Options front, the Bulls were seen covering their positions on Friday. They covered 16 lacs+ OI at 5500 PE and 5600 PE strikes. Also, there was no addition by the Bulls at any of the strikes. On the other hand, the Bears also did not do much, except for a small addition of 6 lacs+ OI at 5700 CE strike.Overall, 5600 is a minor support, while 5500 is a major support for this series. On the upside, 5700 and 5800 are the biggest resistances, with Open Interest at strikes of 5700 CE and 5800 CE at 80 lacs+ level.
For Monday, immediate resistance for Nifty Spot comes at 5630 level. Above this, the Bulls will easily take Nifty to its next resistance level at 5650/5655 level. Above 5655, we can see some Short Covering rally till 5685/5705 Nifty Spot level. On the downside, support for Nifty Spot comes at 5590 level. Below this, the Bears will have an upper hand, and they will push Nifty down towards 5570 and 5550 level.
26 Nov - Nifty Spot resistance at 5630-5655-5685-5705. Support at 5605-5590-5570-5550 - www.niftypower.com
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