5 Oct - Nifty View

On Thursday, Nifty finally broke out from 5715-5735 range, after several days of consolidation. It closed at resistance zone on Wednesday, opened well above it on Thursday, and straightaway went for the resistances. On the downside now, this zone of 5735/5715 and 5695/5690 will be an important reference zone, to look for supports in case of a correction. Positional traders can move their Stoploss below these levels now. Though Nifty continues its upside march, this one way rise now needs some consolidation/ correction. The present resistances around 5800 is the level to watch out, as above that, next logical target for Nifty can be near 6000 levels. This is also indicated from the Option Charts. Hence, as given in previous Nifty Views, at these levels, though the trend is up, it is better to just hold Long positions with a trailing Stoploss, than using the Buy on Dips strategy.  

The Nifty Option OI Charts are given below:

On the Options front, 5800 Strike was the focus of attention today. The Bulls added 13 lacs+ OI at 5800 PE strike. On the other hand, the Bears covered 10 lacs+ OI at 5800 CE. Hence, in one day's movement, the level of 5800 has gone from being a major resistance to a minor resistance. Above this, the next major resistance as per the Option Charts is at 6000 level. On the downside, 5700 is a minor support now, while5600 and below are the supports.

For tomorrow, immediate resistance for Nifty Spot comes at 5775/5795 zone. Staying above this zone, the Bulls will continue their upward march, for higher levels of 5825 and 5880/5885 levels.On the downside, support for Nifty Spot comes at 5760/5750 levels. Below this, lies the breakout zone of 5735/5715 and 5690 level. Intraday, the Bears will dominate below  5775 level. However, Buying support is expected to come at all supports, and it will be prudent to book quick profits in intraday short trades.

5 Oct - Nifty Spot resistance at 5795-5825-5860-5885. Support at 5775-5750-5735-5715 - www.niftypower.com

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3 Oct - Nifty View

On Monday, Nifty opened flat, and rose slightly on low volumes, to close in its resistance zone of 5715/5735. While there is no change in the levels given in earlier Nifty Views, there does seem to be some exhaustion setting in, as Nifty has been unable to cross and close above this resistance zone of 5715/5735. Either it should cross it quickly, else it can start to fall under its own "overbought" weight. Hence, Positional traders will be better off in taking some profits off the table, and wait to see whether Nifty breaks out of this resistance zone, or else goes down to test its supports. On the upside, above 5735, next resistance zone to watch out will be at 5775/5795 Spot levels. On the downside, the lows of Monday should give some intraday support. Below that, 5660/5655 and 5630/5625 levels need to be watched, to see if any Buying support comes at those levels. If not, then a deeper correction can start. But all that is for later. Currently, as traders, we have to consider the trend as "Up" only, till Nifty is trading above 5630/5650 levels. However, instead of Buy on Dips, it ill be prudent to Wait and Watch, if Nifty is not able to cross and close above 5735 Spot level.

The Nifty Option OI Charts are given below:

 On the Options front, the Bears were active and they added 20 lacs+ OI from 5800 CE to 6000 CE strike. On an Up day, this move was a little surprising from the Bears. On the other hand, the Bulls did not do much, except for a small addition of 6 lacs+ OI at 5600 PE strike. Overall, 5700 remains as the 50:50 level for this series. 5600 and below are the supports, while 5800 and 6000 are the major resistances as of now.

For tomorrow, immediate resistance for Nifty Spot comes in the 5715/5735 zone. Staying above this, the Bulls will try to take it higher towards it next resistance levels of 5775/5795. On the downside, support for Nifty Spot comes around Monday's low of 5695/5690 levels. Below 5690, Nifty Spot can go on to test lower level supports at 5660/5655 and . A break of 5655 and 5630 will indicate a short term trend change.

3 Oct - Nifty Spot resistance at 5715-5735-5775-5795. Support at 5690-5670-5655-5630 - www.niftypower.com

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1 Oct - Nifty View

 

After ending the September series with a Red Candle, Nifty opened up on the first day of the series, made a New Yearly High, but could not sustain it and slid to close just around 5700 levels. The Bulls have managed to save 5630/5625 Spot levels on all declines till now, and Positional traders can raise the Stoploss for Longs positions to that level. Fresh Shorts can also be opened below those level, with a strict Stop and Reverse above 5660 Nifty Spot closing level. This will avoid any whipsaw trade, and ensure that traders stay with the trend. On the upside, 5715/5735 have been mentioned as stiff resistances in earlier Nifty Views also, and Nifty took resistance exactly at that level. Above this zone, 5775/5795 should come quickly.

The Nifty Option OI Charts are given below:

On the Options front, it was the Bulls show on the first day of the series. They added 36 lacs+ OI from 5400 PE to 5700 PE strikes. On the other hand, the Bulls did not do much on Friday. Overall, the Option Charts indicate 5700 as the 50:50 level between the Bulls and the Bears. 5300 is the biggest support, while 6000 is the biggest resistance as of now. However, since it is just the beginning of the series, the OI at various strikes is still lower than average, and hence, no conclusions should be drawn so early in the series.

For tomorrow, immediate resistance for Nifty Spot comes at 5715/5735 levels. Above this, the Bulls will be in control and they can take Nifty higher towards 5775/5795 levels. On the downside, support for Nifty Spot comes at 5690 and 5660/5655 levels. Below 5690, Nifty Spot can go on to test lower level supports. A break of 5655 and 5630 will indicate a short term trend change for the Bulls, and Positional Shorts can be opened with Strict Stop and Reverse above 5660 Spot.  

1 Oct - Nifty Spot resistance at 5715-5735-5775-5795. Support at 5690-5670-5655-5630 - www.niftypower.com

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