Nifty opened down on negative global cues on Friday, but then recovered to close near 5150 level, between the resistance zone of 5130-5150. Sustaining above this zone will be positive for the market. On the downside, Nifty has now formed a support base around 5085-5090 level. Positional traders can raise their trailing stoploss for longs to 5085 Spot now, and go short if Nifty sustains below this level on hourly charts.
The Nifty Option OI Charts are given below:
In Options, there was big addition of 12 lacs+ OI at 4900 PE by the Bulls. Apart from that, there was very little activity by them. On the other hand, the Bears covered their positions at 5200 CE and 5300 CE by more than 13 lacs+. Overall, the movement as per the Options data was Bullish on Friday. 5100 is still the 50:50 level between the Bulls and the Bears as of now. 5000 and below are strong supports, while 5200 and above are minor resistances.
For tomorrow, consider the intraday trend Up as long as Nifty Spot stays above 5150 level. Below this, next support comes around 5125 and then at 5090 level. Below 5090, the short term trend becomes negative and Positional shorts can be opened. Above 5150, next resistances will come around 5185 and 5205 levels.
25 June - Nifty Spot resistance at 5150-5185-5205-5220. Support at 5125-5090-5055-5020 - www.niftypower.com
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As Nifty is near expiry, not much activity in the Options open interest is expected. The Bulls were active at the strike of 5100 PE today, where they added 7 lacs+ OI. If and when Nifty breaks 5085 before the expiry, these Bulls will have to run for cover. On the other hand, the Bears covered/ book profits at 5300 CE strike, which is on expected lines. Overall, 5100 is still the 50:50 level between the Bulls and the Bears. The range is 5000 to 5200 as per the Option Charts.
In Options, there was big addition of 12 lacs+ OI at 4900 PE by the Bulls. Apart from that, there was very little activity by them. On the other hand, the Bears covered their positions at 5200 CE and 5300 CE by more than 13 lacs+. Overall, the movement as per the Options data was Bullish on Friday. 5100 is still the 50:50 level between the Bulls and the Bears as of now. 5000 and below are strong supports, while 5200 and above are minor resistances.
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