29 July - Nifty View

On Friday, Nifty Future opened slightly up, but was not able to sustain higher levels, and closed just below its support of 5930, forming an Inside Day in the process. Nifty is at the crossroads right now, with the immediate short term trend being down. Hence, it can be considered a Sell on Rises, till the time it is trading below the important levels of 5980/6000. On the downside, supports exist near 5865 and then at 5815/5790 levels.

The Nifty Options Open Interest Charts are given below:

On the first day of the series, good addition in both Call and Put Options was seen,a s expected. While the Bulls added 15 lacs+ Open Interest in Nifty Options of 5900 PE and 6000 PE strikes, the Bears also added 18 lacs+ Open Interest in Nifty Options of 6200 CE and 6300 CE strikes. Overall, the Nifty Option charts are still developing, but at the start of the series, 5800 PE has the maximum Open Interest for the Bulls, while 6000 CE has the maximum Open Interest for the Bears. 5900 is the current 50:50 level between the Bulls and the Bears.

For Monday, immediate resistance for Nifty Future now comes near 5950 levels, above which, lies the all important resistance zone of 5980/6000. As given earlier, any rise to resistance levels in Nifty Future can be considered as a Selling Opportunity, with Stoploss above 5980. On the downside, support for Nifty Futures lies near 5930 and then at 5905/ 5900 levels. These levels have given support to Nifty Future for the past two trading days. Break of these should bring more momentum to the downtrend.

29 July - Nifty Future resistance at 5950-5980-6005-6030. Support at 5930-5905-5890-5865 - www.niftypower.com

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22 July - Nifty View

On Friday, Nifty Future opened flat, and traded in a narrow range during the day, facing resistance in the 6070/6080 zone. The short term trend remains up, and Positional traders holding long positions can keep a tight stoploss near 5980/5970 level on closing basis, which is the first and immediate support level for Nifty Future. Below this level, 5930 will be the trend deciding level, and any Positional Short trade is advised only when Nifty Future gives a close below this level. Hence, in summary, its a Buy on Dips market till 5970, Choppy trades expected between 5930 to 5970, and a Sell market below 5930 Nifty Future level.

The Nifty Options Open Interest Charts are given below:

In Nifty Options, the Bulls strengthened their positions at 5900 PE strike, where they added a big quantity of 12 lacs+ Open Interest. Profit booking was also seen at Nifty Options of 5700 PE and 5800 PE. On the other hand, the Bears added a big quantity of 13 lacs+ Open Interest in Nifty Options of 6200 CE. Overall, 5900 is the rock solid support level for this series, as is seen from the Nifty Option Charts. The Open Interest at 5900 PE strike is touching 1 Crore now, which is always a good sign of strength. The level of 6000 is the present 50:50 level between the Bulls and the Bears, with almost equal Open Interest. However, there are no clear resistances visible yet in the Option Charts.

For Monday, immediate resistance for Nifty Future now comes at near 6045/6050 level. If the Bulls manage to keep Nifty Future above this level, they will have to deal with the next immediate resistance level at 6065 and 6075/6080. Once above 6080, Nifty Future can quickly climb towards 6135/6140 level. On the downside, support for Nifty Future comes at 6030 level. The Bears will have an upper hand below this level, and they can take Nifty down to test support levels at 6010-5990 and 5975.

22 July - Nifty Future resistance at 6050-6065-6080-6095. Support at 6030-6010-5990-5975 - www.niftypower.com

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   

10 July - Nifty View

On Tuesday, Nifty Future opened Gap up on positive global cues, but then traded in a narrow range for the entire day, before closing near 5870 level. Over the past two weeks of trading, Nifty future has now formed a well defined resistance at 5895-5905 level, and support at 5750-5770 level. A break from this range should give a tradeable move for Positional Traders. Till then, its better to do more of intraday trades, and be safe from the increasing number of Gaps during the opening.

The Nifty Option Open Interest Charts are given below:

In Nifty Options, the Bulls added a huge quantity of 10 lacs+ Open Interest at 5800 PE strike. On the other hand, the Bears only added a small quantity at 6000 CE strike. Overall, 5600 PE for the Bulls, and 6000 CE for the Bears, are the strikes which are showing the highest open interest. In between, 5800 is developing as a support, while 5900 is developing as a minor resistance. The writers at one of these strikes should give way sooner or later.

For tomorrow, immediate resistance for Nifty Future now comes at 5875 and 5895/5905 levels. If the Bulls manage to take out these levels, a short covering rally can be expected. On the downside, support for Nifty Future comes at 5850 and then at 5835-5815 levels. Tomorrow, strength in Nifty Future can be expected above 5900 and weakness below 5850 level. In between, trades based on intraday indicators can be taken.

10 July - Nifty Future resistance at 5875-5895-5905-5935. Support at 5850-5835-5805-5790 - www.niftypower.com

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