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
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