25 Feb - Nifty View

On Friday, Nifty opened down near its support of 5840, made an intraday recovery till around 5870 level, before sliding again to close near 5850 level. The trend remains down, and Positional traders should remain short and use the rises to Sell Nifty, till it is able to give a close above 5940/5950 level. Nifty had a Gap down opening on 21st Feb, and the minimum the Bulls need to change the trend is to fill this gap initially. The Gap resistance comes around 5920 level. Before that happens, immediate resistance for Nifty Spot comes at 5880 and 5905 levels. A close above 5880 will be the first indication of a Pause in this downward move. A close above 5920/5950 would indicate a short term trend change. On the other hand, a close below 5840 and 5820 can bring the much needed momentum for the Bears. Keep all these levels handy, as the budget week can bring a lot of wild moves in Nifty, and traders will have to be swift and plan their trades in advance. Safe traders can trade on intraday basis only with strict stoplosses.

The Nifty Option OI Charts are given below:    

On the Nifty Options front, there was hardly any addition by the Bears on Friday. However, the Bulls added a good amount of 11 lacs+ OI at lower level Nifty Option of 5700 PE. The Bulls also covered a good amount of 6 lacs+ Open Interest in Nifty Option of 5900 PE. Overall, 5900 remains the 50:50 level for this series, with a slight advantage to the Bears at this moment. The support at 5800 has weakened, but it still remains the biggest support of this series. 6000 is a major resistance now, with Open Interest at 6000 CE Nifty Option crossing the 1 Crore mark.

For Monday, immediate resistance for Nifty Spot comes around 5880 level. Any rise upto this level can be used to build short positions by intraday traders. However, if Nifty sustains above this level, then the Bulls can take it to its next resistance level of 5900 and 5920. On the downside, Support for Nifty Spot comes around 5840 levels. Below this, the next strong support area for Nifty Spot is around 5820 level. Below these levels, the much needed downward momentum can come, which will take Nifty towards 5795 and 5760 levels.

25 Feb - Nifty Spot resistance at 5880-5900-5920-5940. Support at 5840-5820-5795-5760 - www.niftypower.com

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15 Feb - Nifty View

On Thursday, Nifty opened flat, tried to move up in intraday trade, but met with resistance exactly near the previous breakout level of 5940, and then declined to close below 5900 level. As given in previous Nifty View, the trend remains down and Positional traders should remain short as long as Nifty Spot is closing below 5940 level. We will consider the trend to turn up only when the Bulls manage to take out the resistance zone of 5980/5990. However, to lock in some profits, aggressive traders can shift their stoploss to 5940 Nifty Spot level. Nifty remains as Sell on Rallies till then, even though the oscillators are reaching oversold levels on Daily charts. The immediate logical support below 5890 comes at 5860/5840 zone, from where it has bounced on previous occasions. A break of these levels will bring in a much larger correction in Nifty.

The Nifty Option OI Charts are given below:      

On the Nifty Options front, the Bears added a good amount of open interest at Nifty Option strikes of 5900 CE to 6100 CE. On the other hand, the Bulls hardly did anything. Overall, looking at the Option Charts, the Bulls seem to believe that the level of 5900 will hold, and Nifty should bounce back from here. This is indicated from the highest open interest at 5900 PE strike. The level of 6000 can be considered a minor resistance for now, while 6100 and above are major resistances for this month.

For Friday, immediate resistance for Nifty Spot comes at 5905/5910 level. Above this, the zone of 5930/5940 will prove to be a major resistance area for Nifty. If the Bulls manage to take it out again, then they can push for a short covering rally till 5980/5990 levels. On the downside, supports for Nifty Spot comes 5890, and then at 5860/5840 levels. Below 5840, the Bulls will start to panic.

15 Feb - Nifty Spot resistance at 5905-5935-5960-5985. Support at 5890-5860-5840-5820 - www.niftypower.com

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P.S.:
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12 Feb - Nifty View

On Monday, Nifty opened flat, and traded rangebound before closing just near 5900 level. For the second day now, Nifty has closed below the crucial level of 5940. With this, it has entered the choppy zone of 5840 to 5940. Positional traders should continue to hold their short positions, with a Stop and Reverse around 5985/5990 Nifty Spot level. The levels around 5940 are expected to provide first resistance in case of any upmove. The Bulls first have to conquer this level, before any reversal expectations. The Bears have dominated this month so far, as is seen on Daily Charts, where the Close is lower than the open on most days. However, they have failed to do much damage in terms of percentage drop. Nifty is right now at a crucial juncture, and traders should be on their toes, without being biased. Bearish Pressure is seen on the charts, and if the Bulls fail to conquer the crucial levels, then a significant correction can start from here.

The Nifty Option OI Charts are given below:     

There wasn't much action in Nifty Options on Monday. Overall, the level of 6000, which was a 50:50 level a few days ago, has now become a minor resistance level. The Bulls are still holding on to their positions at Nifty Options of 5900 PE and below strikes. There is no clear 50:50 level as of now, as per the Nifty Options Charts. 5900 and below are the supports, while 6000 and above are the resistances.

For Tuesday, immediate resistance for Nifty Spot comes at 5905/5910 levels. Staying above this, the Bulls will again try and test the resistance levels of 5935/5945, where they are expected to face stiff resistance. Till Nifty Spot keeps below these levels, the bias will be negative, and intraday Short trades should be preferred. Above these levels, till 5990, choppy trade is expected. On the downside, support for Nifty Spot comes at 5890 level. Below this, lies the strong support zone of 5860/5840, which Nifty had held throughout the month of December.

12 Feb - Nifty Spot resistance at 5910-5940-5960-5985. Support at 5890-5860-5840-5795 - www.niftypower.com

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P.S.:
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7 Feb - Nifty View

On Wednesday, Nifty opened up on positive global cues, but continued the trend and declined to close the gap, and closed near unchanged level 5960. The immediate trend is down as long Nifty Spot is closing below the zone of 6005/6030. The breakout level of 5940 is very near, and the Bulls have done well to save this level multiple times till now. A small gap exists below 5935 level till 5915/5905 level. That should be the first minor stop below 5940/5935. However, a fall and close below 5940/5935 would invalidate the breakout post the consolidation of Nifty between 5840 to 5940 level in the month of December. Such a false breakout usually brings a much faster move in the opposite direction. Hence, Positional traders can initiate/ add to their Short positions below this level, with a Stop and Reverse above this level on closing basis.


The Nifty Option OI Charts are given below: 

In Nifty Options, it was a subdued day, with not much addition by either the Bulls and the Bears. The Bears did add a small quantity of 13 lacs+ Open Interest at Nifty Options of 6100 CE and 6200 CE strikes. Overall, 6000 is the clear 50:50 level between the Bulls and the Bears. 5900 and below are the supports, while 6100 and above are the resistances.

For Thursday, immediate resistance for Nifty Spot now comes around 5980/5985 levels. Till the time Nifty Spot stays below this level, intraday traders should look to Sell at resistance levels, or at break of supports, with Stop and Reverse above this zone. Above 5985, the Bulls can take Nifty higher towards 6005 and 6025 levels. On the downside, support for Nifty Spot comes at 5945/4935 levels. As given earlier, a breakdown below this level can take Nifty first towards 5915/5905 levels, and then to much lower levels, as fresh Shorts by traders is expected below this level. Below 5905, immediate target for Nifty Spot will be in 5855/5865 zone.

7 Feb - Nifty Spot resistance at 5985-6005-6025-6055. Support at 5940-5910-5890-5860 - www.niftypower.com

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P.S.:
You can see Live Nifty Charts with Buy Sell Signals during market hours Free on our website www.niftycharts.co.in

Also, Read our Daily  Nifty Analysis published on our Blog www.nifty-power.blogspot.in and have an Edge in you trading

For our regular Paid SMS Services, see Rates and Services Page on www.niftypower.com

Back to Business!

We are back after a much needed Week long break. From Monday, Februay 4, 2013, it will business as usual.

Happy Trading!