10 Dec - Nifty View

On Friday, Nifty followed up to the Hanging Man pattern pointed out in our Nifty View, and formed a Bearish candle on Daily charts, by closing near 5907 levels. The Stoploss for those who had taken aggressive Positional Shorts, on Thursday, was given as 5950 in our previous Nifty View. Nifty made a High at 5949 on Friday, hence, the Shorts are still in trade. Traders who are Short, can now keep a Stoploss at either 5950 Spot, or at 5945 Spot on closing basis, which is the High of Thursday's Hanging Man pattern. As long as Nifty is trading within the range of 5880 to 5950, it will better to trade on Intraday basis. Below 5880, the Bears are expected to dominate, while above 5950, the Bulls will dominate, leading Nifty Spot to 5990 and 6020 levels.

The Nifty Option OI Charts are given below:  

On the Options front, the Bears added big quantities of 7 lacs+ and 15 lacs_ Open Interest at 6000 CE and 6100 CE strikes respectively. These two levels are major resistances for Nifty as of now. The Bulls did not do much on Friday. Overall, 5900 is the clear 50:50 level on Option Charts. Below that, 5800 and lower levels can be termed as minor support levels as of now. On the upside, 6000 is the major resistance for this series, with Open Interest at 6000 CE well above 80 lacs mark right now.

For Monday, immediate resistance for Nifty Spot comes at 5910/5930 zone. Staying above this, Nifty can again head for resistance levels around 5950 mark. Till it stays below these levels, it is expected to meet with selling pressure at each of these levels. However, above these rallies, the Bears will run for cover, and Nifty can easily climb towards 5990 and 6020 levels. On the downside, support for Nifty Spot comes at 5890/5870 zone. Below this, Nifty is expected to break the immediate support of 5850, and head towards 5825/5815 levels.

10 Dec - Nifty Spot resistance at 5910-5930-5950-5990. Support at 5890-5870-5850-5820 - www.niftypower.com

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