On Thursday, Nifty opened, but continued to decline for entire day, and finished the December series at 5870 Spot level. Entire month of December was largely spent within the 100 point range of 5840 to 5940. Now with the start of a new series, traders can hope for a breakout/ breakdown. When that will happen is anybody's guess. Till it happens, positional traders can wait on the sidelines, or do intraday trades with tight stoplosses and small targets. Trading will be easy beyond this range. There is no pint in trying to predict and trade micro moves within this small range.
The Nifty Option OI Charts are given below:
On the Options front, there was good addition by both the Bulls and the Bears, as would be expected at the start of a new series. The Bulls were mainly active in Nifty Options of 5500 PE to 6000 PE. The Bears were mainly active in Nifty Options of 5900 CE to 6300 CE. Maximum addition in open interest was at nifty option of 6000 CE by the Bears, where they added 11 lacs+ open interest. Overall, 6000 is once again standing tall as the major resistance for this series also. 5800 and below are the supports, while 5900 is the 50:50 level. The open interest at various strikes are very low to make any conclusion from the Nifty Option Charts. These charts will be more relevant after the next 3-4 trading days.
For Friday, immediate resistance for Nifty Spot will now come at 5870/5890 levels. If the Bulls manage to sustain Nifty above these levels, then it will again head for strong resistance areas of 5905/5930 and 5945 levels. Above 5945, it will be a major breakout for Nifty. On the downside, support for Nifty Spot comes at 5850 levels. Staying below this, Nifty Spot will head for lower level supports of 5835 and 5815 levels. Below 5815, 5790/5770 and 5745 will be targets.
28 Dec - Nifty Spot resistance at 5870-5890-5905-5930. Support at 5850-5835-5815-5790 - www.niftypower.com
P.S.:
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