On Wednesday, Nifty again opened Gap up, and then traded in a narrow band to close near 5990 level. The trend is up since Nifty broke out from the zone of 5840 to 5940, and it should be considered to be up only, till the time Nifty gives a close below 5920/5930 level again. Positional traders should have opened long positions on Tuesday itself, when Nifty closed above 5940 level. They can now keep their stoploss below 5920 Nifty Spot level. On the upside, Nifty is right at its next resistance point of 5990. Above this, 6020 and 6075/6080 are next major resistances to watch out for.
The Nifty Option OI Charts are given below:
On the Options front, the Bears are busy building a fortress at higher levels. They added a huge quantity of 33 lacs+ open interest in nifty option strikes of 6200 CE to 6400 CE. On the other hand, the only significant open interest addition by the Bulls was that at nifty option strike of 6100 PE, where they added 8 lacs+ open interest. Overall, there is no 50:50 level in the Option Charts as of now. 5900 is a minor support, while 6000 is a minor resistance. 5800 is the biggest support level for the Bulls, while 6200 is the biggest resistance level as of now.
For Thursday, immediate resistance for Nifty Spot comes at 5990/5995 level. Staying above this, the Bulls will be in control, and they will take Nifty higher towards 6020 and 6050/6075 levels. On the downside, support for Nifty Spot comes at the Gap level of 5980 of today. Below this, gap filling can happen, which can take Nifty down towards 5960 and 5945/5930 levels. Till the time Nifty sustains above 5930/5925 level, the short term trend should be considered to be up only.
3 Dec - Nifty Spot resistance at 5995-6020-6050-6075. Support at 5980-5960-5945-5930 - www.niftypower.com
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