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