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
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