On Friday, Nifty opened Gap Up, came down to fill the Gap in intraday, and then climbed up again to close near 5880 level. In the past 3 trading days, Nifty has rallied 200+ points. Positional Traders who are in Long Positions, can move their Stoploss to around 5730 Spot level. Some cooling off from the highs can be expected next week, but the short term should be considered Up as long as Nifty is trading above 5700/5730 zone. The immediate support for Nifty Spot should come at the recent breakout level of 5815 and 5790/5770 levels. Any downmove towards these levels can be used to build Long Positions in Nifty. The breakout level of 5650/5630 and below that, the Gap Support level of 5520 are now the Support Levels for considering the Medium Term Trend.
The Nifty Option OI Charts are given below:
On the Options front, the first day of the series was used to build positions by both the Bulls and the Bears. The most significant addition by the Bulls was at 5800 PE and 5900 PE strikes, where they added 22 lacs+ OI. The most significant addition by the Bears was at 6100 CE strike, where they added 9 lacs+ OI. Overall, 6000 seems like the toughest resistance as of now, with highest open interest of 60 lacs+ at 6000 CE after the first day of the series. 5700 and below are the supports.
For Monday, immediate resistance for Nifty Spot now comes at 5880/5885 level. Above this, the Bulls will again be in control, and take Nifty higher towards 5930, 5950 and 5980/5990 levels. On the downside, support for Nifty Spot comes at 5850/5860 level. Staying below this, the Bears can pull it down towards lower level supports of 5815, 5790 and 5770. On Intraday basis, traders can use declines towards 5815 Spot level to Buy Nifty. Below 5815, the Bears will dominate.
3 Dec - Nifty Spot resistance at 5885-5930-5950-5985. Support at 5855-5830-5815-5790 - www.niftypower.com
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