11 April: Nifty View

On Friday, Nifty gave a scare to the Bulls by breaking below its three day swing low of 5855 and closing below it. I has become a Sell on Rallies as long as it stays below this level for the time being. Upside, now till we get a close above 5920/5925 Spot, this uptrend will be considered as Paused. The broad range for nifty spot will now be considered at 5600 to 6000. Till it stays within these limits, the broad range it will be considered a sideways and directionless market.

The Options OI table is given below:

5800 is the crucial level to watch, having almost equal OI of Calls and Puts. Friday was the Bears day, as they captured the 5900 levels, and strengthened their position at 5800 strike. 6000 seems to be a formidable level for the time being, having the highest OI in Calls for this series. Similarly, 5700 seems to be the strongest support area. For now, the upside seems capped for the nifty, going by the Options table.

For tomorrow, crucial level for Nifty spot on upside is 5870-5880. For any upside to come, it will have to sustain above this level. Above 5880, it can again target its strong resistance zone of 5920-5930. If manages to cross 5930 also, we expect an intraday short covering rally from the weak Bears. On the downside, immediate support for Nifty spot comes at Friday's low of 5820-5825 zone. Below this, a retest of 5805-5770 is most likely. Below 5770, weak Bulls will panic and cause some sharp falls in the Nifty.

11 Apr: Nifty spot resistance at 5880-5920-5950-5980. Support at 5825-5805-5770-5745 - www.niftypower.com

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Premarket Call: Sell Nifty Future below 5840 Stoploss above 5860 Targets 5820-5790 and below (manage your positions when Call moves 10 points+ in your direction)

7 Aprl: Nifty View

Nifty spot is facing tough resistance to close above 5920 level. The next breakout can happen only if Nifty closes above his level. On the downside, support zone or Nifty spot comes at 5800-5830 levels. It is trading at overbought levels with negative divergences appearing in charts. Hence, a minor correction/ consolidation is playing out.

The Options OI table is given below:


The Options OI table shows a fierce battle being fought between the Bulls and the Bears at 5800 and 5900 strikes. We see almost an equal addition of CE and PE at these strikes. One of these levels should resolve today/ tomorrow, and give direction for the next 100 point move for Nifty.

For April 7, Intraday traders watch the levels of 5860-5850 on Nifty spot on the downside and 5910-5920 on the upside. Breakout above 5920 would lead Nifty spot to higher levels of 5945-5960and 5980 levels. On the downside, break below 5860-5855 would bring 5835 and then 5805-5775 levels. A close below 5800 would put a question mark on the uptrend of Nifty.

7 April - Nifty spot resistance at 5920-5945-5960-5980. Support at 5855-5835-5805-5775 - www.niftypower.com

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5 April: Nifty View

Nifty has been moving in a straight line up, trapping all those going against the trade. The situation has become such that, unless we have a small correction/ consolidation, positional longs cannot be taken. There is no point in running after a missed bus. Better wait for the next stop. On the other hand, shorts, if taken, should be strictly for intraday purpose only, as the larger trend remains positive till Nifty Spot stays above 5770 now.

The Options OI table is given below:


There are two levels of contention between the Bulls and the Bears. They are 5800 and 5900. For now, the Bulls have the upper hand. How the Bears reacts when the impending correction comes will give further clues to the direction in April series. For now, the Bears seem to be on a ait and watch mode, while the Bulls are on rampage. 5700 and below are the strong supports, while 6000 and above are the resistances.

For tomorrow, immediate resistance for Nifty spot comes at 5920-5925 zone. If stays above this, it will target upside levels of 5950-5970 and 6000 levels also. On the downside, immediate support for Nifty spot comes at 5900/5895 levels. Below 5895, Nifty will slide towards 5880-5850 and 5835 levels. In the extreme case, 5835 should provide good support below 5880/5875 Nifty levels.

5 April: Nifty spot resistance at 5920-5950-5970-6000. Support at 5895-5880-5850-5835 - www.niftypower.com

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