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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