24 June - Nifty View

On Friday, Nifty opened slightly down, but quickly recovered by the end of the day to close near 5660 level. It traded erratically within the range of 5620 to 5680 for the entire day. A move above 5680/5690 with positive divergence in RSI on Daily Charts will give the Bulls some hope. However, since the Lower High and Lower Low pattern is continuing on Daily Charts, Positional traders should look at all rallies to create short positions. The first resistance for Nifty Future on the way up will come near the Gap zone of 5750-5780. Above that, 5890/5900 will be major resistance level. As of now, it doesn't look probable that Nifty will cross these levels in this month.

The Nifty Options Open Interest Charts are given below:  

On the Nifty Options front, the Bulls showed some resilience on Friday, and added a big quantity of 16 lacs+ Open Interest in Nifty Option of 5600 PE. 5600 PE now has the maximum open interest in Puts, crossing 90 lacs+. This will be a major support level for the Bulls next week. On the other hand, the Bears also added a huge quantity of 25 lacs+ Open Interest in Nifty Options of 5600 CE to 5800 CE. For the Bears, the Open Interest in Nifty Option of 5800 CE has also crossed 90 lacs+ now, and will be a major resistance level next week. The level of 5800 is currently the 50:50 level between the Bulls and the Bears.

For Monday, immediate resistance for Nifty Future comes in the zone of 5680-5690. Staying above this, the Bulls will try to take Nifty higher towards 5720 and 5750 level, where once again some selling pressure is expected. On the downside, support for Nifty Future comes around 5635 level and then at 5615/5620 level.  Below this, the Bears will have an upper hand, and Short trades should be preferred by intraday traders.

24 June - Nifty Future resistance at 5680-5700-5720-5750. Support at 5635-5615-5590-5570 - www.niftypower.com

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 Blogwww.nifty-power.blogspot.in and have an Edge in you tradingFor our regular Paid SMS Services, see Rates and Services Page on www.niftypower.com 

21 June - Nifty View

On Wednesday, Nifty opened down on negative global cues, and continued down to close near 5640 Nifty Future level, making it the largest single day drop in recent memory. 5770 Nifty Future was our reference level to go short. However, since Nifty opened much below it, there was no logical trade possible. Hence, Positional traders who could not enter into a short trade, should now wait for the right opportunity. As of now, the trend has surely turned down. The resistances are clear on the upside, which should act as trailing stoploss/ re-entry levels for shorts. The immediate resistance level as of now is around 5750/5770, which is the Gap opening level. Above this, the level of 5830 and 5890 will be strong resistance levels. However, there are slim chances of Nifty visiting these levels anytime soon. On the downside, the first support level to watch on Nifty Future will be in the 5630/5640 zone. If this zone is broken, then a slide towards recent low near 5480 will be on the cards, with minor supports coming in between at 5590/5560-5535 and 5510.

The Nifty Option Open Interest Charts are given below:

On the Nifty Options front, it was another day dominated by the Bears, as expected. They added a huge quantity if 90 lacs+ Open Interest in Nifty Options of 5600 CE to 5800 CE strike. Some of these additions may be part of hedges. But overall, it must be the largest addition in Nifty Calls in a day in the recent past. On the other hand, the Bulls also added 16 lacs+ Open Interest in Nifty Options of 5600 PE. While this is a huge quantity in itself, but it pales when compare to Call addition. Overall, from the Nifty Options Charts, it can be seen that the Bears have moved the 50:50 level from 5800 to 5700. 5600 is minor support remaining for the Bulls. 5800 and above are the major resistances now.

For tomorrow, immediate resistance for Nifty Future comes near 5660/5665 levels. Above this, the Bulls will try to hit next resistance level near 5695. However, every upmove should now be expected to meet with selling pressure, hence, short trades at resistances should be preferred by the traders. On the downside, support for Nifty Future comes near 5630/5640 levels. Below this, the Bears will continue to apply pressure, and take Nifty further down towards 5590-5570-5560 and 5535 levels.

21 June - Nifty Future resistance at 5665-5695-5715-5750. Support at 5635-5590-5570-5560 - www.niftypower.com

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 Blogwww.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  

19 June - Nifty View

On Tuesday, Nifty opened down and quickly moved below our reference level of 5830. It recovered during the second half only to meet selling pressure near 5870 level, and closed near the lows of the day. The zone of 5870-5890 is has been very important in the recent past. Nifty took support in this zone 4 times and tried to bounce back in this month. Once this was broken, we saw a quick slide of more than 150+ points. It is logical that a breakout from this zone will bring a short covering rally. As of now, the Bullish hopes were shattered by the Bears with the fast fall seen in the last half hour of the trade. 5770 to 5870/5890 is the immediate narrow 100 point range for Nifty Future. A breakout from this range should be used to initiate the next Positional Trade. Till then, intraday trades should be more beneficial for traders.

The Nifty Options Open Interest Charts are given below:

In nifty Options, the Bears got aggressive today. They added a huge quantity of 32 lav+ Open Interest in Nifty Options strikes of 5800 CE to 6000 CE. On the other hand, there was not much action from the Bulls. Overall, 5800 is the 50:50 level as of now. 5700 is the strongest support while 6000 is the strongest resistance, and 5900 is a minor resistance.

For tomorrow, immediate resistance for Nifty Future now comes around 5820/5830 levels. Staying above this, the Bulls will again try to test 5850 and 5870 levels. On the downside, support for Nifty Future comes at 5800 and then at 5770 levels. The bias will be negative below  5820 level, and positive above 5850 level tomorrow, for intraday trades.

19 June - Nifty Future resistance at 5830-5850-5870-5890. Support at 5800-5770-5750-5715 - www.niftypower.com

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 Blogwww.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  

18 June - Nifty View

On Monday, Nifty opened flat, and after an initial hiccup, continued its upward journey to close near 5850 level. After reaching oversold levels and touching the support near 5700, Nifty has completed a 150+ point rally today. There are many indicators pointing to a new Bullish move from here. Nifty has corrected quite a bit from the Overbought levels and now reached Oversold levels on Daily Charts. There is also a Bullish Wolfe Wave pattern forming on Daily Charts, although not a perfect one. The biggest hurdles for the Bulls will be the immediate resistance at around 5890 Nifty Future level. If the Bulls manage to break this level, then this rally will become more believable. Till then, we prefer intraday trades or hedged Positional trades only.

The Nifty Option Open Interest Charts are given below:

On the Nifty Options front, the Bears retreated a it from 5700 level, covering 6 lacs+ Open Interest at 5600 CE strike. The Bulls added small quantity Nifty Put Options of 5700 PE and 5800 PE. Overall, in the Nifty Options Open Interest Chart, the levels of 5800 and 5900 appear to be the level at which the fight for supremacy between the Bulls and the Bears is going on. 5700 to 6000 seems to be the broad trading range in Nifty at the time being. Lets see how these levels of 5800 and 5900 resolve in the coming days.

For tomorrow, immediate resistance for Nifty Future comes at 5860 and then at 5890/5905 levels. Trading above these, can lead to a short covering rally, which can take Nifty Future towards 5935-5975 levels. On the downside, support for Nifty Future comes at around 5830 level. Below this, next supports for Nifty Future comes at 5800-5770 and 5750 levels. The immediate trend is up and Buy on Dips should be the strategy as long as Nifty Future stays above 5830 tomorrow.

18 June - Nifty Future resistance at 5860-5890-5905-5935. Support at 5830-5800-5770-5750 - www.niftypower.com

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 Blogwww.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