29 Nov - Nifty View

 On Tuesday, Nifty opened up above its resistance of 5655, and then made a smart rally to close near its upper resistance of 5730. As given in earlier Nifty View, Positional Traders are already in Long Positions from near 5615 levels. Some profit should be booked in these longs and Stoploss can now be modified and kept near 5650 Spot level. On the upside, there are minor resistance levels at 5755 and 5785 levels, above which, the recent high near 5815 will be the immediate resistance. On the downside, the levels of 5690 and 5650/5630 will provide support, and short term trend should be considered up as long as Nifty is closing above these levels.

The Nifty Option OI Charts are given below:   

On the Options front, the Bears ran for cover on Tuesday. They covered a huge amount of 58 lacs+ OI at 5600 CE and 5700 CE strikes. This move is understandable, given that Expiry is only 1 day away, as Wednesday was a holiday. But the move from the Bulls was definitely a risky one, who added 31 lacs+ OI at 5700 PE strike. After Tuesday's move, 5700 has become the 50:50 level for Nifty. 5800 remains the major resistance for the series, while 5600 is the major support.

For Thursday, the trend for Nifty should be considered positive as long as Nifty Spot stays above 5690/5695 Spot level. Intraday traders can adopt a Buy on Dips strategy till these levels are protected. On the upside, resistance for Nifty Spot comes at 5730. Staying above this, the Bulls will take it to higher level resistances of 5755 and 5785 levels. On the downside, support for Nifty Spot comes at 5690 level. Below this, it can slide lower towards support levels of 5655/5650 and 5630 levels. The Short term trend should be considered up as long as Nifty Spot stays above 5630 level.

29 Nov - Nifty Spot resistance at 5730-5755-5785-5815. Support at 5705-5690-5655-5630 - www.niftypower.com

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