On Wednesday, Nifty opened flat, but made a big move in intraday, to make a high near 5780 level, before sliding down and closing right at the breakout level of 5755, which has been given as important level in past many Nifty View. Now, if tomorrow Nifty opens and sustains above this level, Positional traders can initiate long positions, with a Stoploss below 5720 Nifty Spot level. If Nifty slides below this level, then it will be again entering into the 100 point range, with slight extensions on both sides, and choppy trading will be expected to continue. Hence, tomorrow can be a very crucial day in deciding the short term trend, and the next tradeable move for Positional traders.
The Nifty Option OI Charts are given below:
On the Options front, the Bulls were aggressive today, and added 31 lacs+ OI from 5700 PE to 5900 PE strike. With this move, they converted the level of 5700 from a 50:50 level, to a minor support level. On the other hand, the Bears also added 24 lacs+ OI from 5900 CE to 6100 CE strike. Such big addition by the Bears on such a positive day shows their confidence of defending higher levels. Overall, 5800 is a minor resistance level, while 6000 and 6100 are the major resistance for Nifty. On the downside, 5600 remains as the biggest support level.
For tomorrow, immediate resistance for Nifty Spot comes at 5750/5755 level. As given above, staying above this, the Bulls will have an advantage, and they can take Nifty higher towards 5785/5790 level. Above 5790, Nifty will be poised to make new highs, which can take it towards its next major resistance at 5880/5890 level, with minor resistances in between at 5820 and 5860 level. On the downside, support for Nifty Spot comes at 5730/5725 level. Beow this, the Bears will push Nifty down towards 5705 and 5690 level. Below 5690, lies the gap that Nifty formed on 2md November, and there will be a high probability of closing this gap, before any further upmove.
8 Nov - Nifty Spot resistance at 5755-5785-5820-5860. Support at 5730-5705-5690-5665 - www.niftypower.com
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