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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