31 Oct - Nifty View

On Monday, Nifty finally broke the 100 point range of 5630 to 5730 Spot, after the RBI Credit Policy, and further dropped 40+ points after that, before closing around 5590 level. Tomorrow, being the monthly closing level, it will be interesting to watch whether the Bulls can make a comeback. On the upside, the levels of 5615/5630 and 5660 are expected to provide stiff resistance to any upmove. On the downside, below 5590, Nifty can further slide towards 5565/5555 levels, below which, lies the Gap support of 5525/5528. Whether Nifty breaks the Gap support and slides further remains to be seen. For traders, Positional Shorts have been triggered below 5630, and they can keep an initial stoploss above 5660 Nifty Spot on closing basis.    

The Nifty Option OI Charts are given below:   

On the Options front,it was a day that belonged to the Bears. They added 51 lacs+ OI from 5600 CE to 6000 CE strike. On the other hand, the Bulls were mainly active only at 5500 PE strike, where they added 9 lacs+ OI. Overall, from the Option Charts, the Bears seem to have taken a slight lead at 5700 level, and also dented the support of 5600, but very slightly. 5500 and below are the supports, with max. OI from the Bulls being at 5300 level. On the upside, 5800 and above are the resistances.

For tomorrow, immediate resistance for Nifty Spot comes at 5615 and 5630 level. Any movement till these levels can be good opportunity to create short positions, with Stoploss above 5660 level on closing basis. On the downside, support for Nifty Spot comes at 5590 level, where it took support 4-5 times on Monday. Below this, the Bears will continue to have an upper hand, and they can take Nifty down to test lower level supports of 5565/5555 and 5625. Below 5525, lies the big Gap area.

31 Oct - Nifty Spot resistance at 5615-5630-5660-5695. Support at 5590-5560-5525-5460 - www.niftypower.com

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29 Oct - Nifty View

On Friday, Nifty opened down, near 5680 levels, continued down to again test its support level of 5640, before recovering slightly to close near 5665 level. It continues to trade within the narrow 100 point range of  5630 to 5730. Till it breaks out of this range, the levels given in previous Nifty View remains valid. Positional traders have to patiently wait for this range to break, before initiating any trade.

The Nifty Option OI Charts are given below:    

On the Options front, the Bears were active at 5700 and above strike, adding 26 lacs+ OI from 5700 CE to 6000 CE strike. On the other hand, the Bulls were active at 5700 PE strike, where they added 6 lacs+ OI. Below that, any significant OI addition was at OTM strikes of 5400 PE and 5200 PE strike. Overall, just like last series, the level of 5700 is the 50:50 level in this series also, as per the Option Charts. 5600 and below are the supports, while 5800 and above are the resistances.

For tomorrow, immediate resistance for Nifty Spot comes at 5690/5695 level. Staying above this level, the Bulls will have an upper hand, and they will attempt to again cross the 5715/5735 range. On the downside, support for Nifty Spot comes at 5660/5655 level. Below this, the support levels of 5630/5635 will be tested again. Any significant move is expected only outside this range of 5630 to 5735.

29 Oct - Nifty Spot resistance at 5690-5715-5735-5755. Support at 5655-5630-5605-5565 - www.niftypower.com

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26 Oct - Nifty View

The October Expiry in Nifty finally happened in the most obvious and expected way. It ended right near 5700 level, which was being indicated from the Option Charts for entire month of October. For almost the entire month of October, Nifty has consolidated between the 100 point range of 5630 to 5730 Spot. This range was identified in the Nifty View of 12th October, and Nifty has traded within this band ever since. Positional traders have to patiently wait for this range to break, and then trade in the direction of the breakout with a tight stoploss.

The Nifty Option OI Charts are given below:    

On the last day of the Expiry, there was small additions done at various strikes of next series by both the Bulls and the Bears. The November Series also begins with 5700 being the 50:50 level. The Bulls are again building support at 5600 level. On the upside, 5900 is the biggest resistance, with the maximum OI in Calls being at 5900 CE strike. 5800 is a minor resistance as of now.

For tomorrow, immediate resistance for Nifty Spot comes at 5715-5735 zone. Above this, the next important resistance level is at 5750/5755. Staying above this, we can see a short covering rally in Nifty for 5795 levels. On the downside, support for Nifty Spot comes around 5690 levels. Below this, the Bears will have an upper hand, and the next important support level for Nifty Spot comes at 5660/5655 levels. Below 5660/5655, lies the most important levels of 5630/5625, which can be a short term trend deciding level of Nifty.

26 Oct - Nifty Spot resistance at 5715-5735-5755-5795. Support at 5690-5660-5630-5605 - www.niftypower.com

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P.S.:
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 Blog www.nifty-power.blogspot.in and have an Edge in you trading

For our regular Paid SMS Services, see Rates and Services Page on www.niftypower.com