Nifty Views from NiftyPower

[NiftyPower]

11 Sep - Nifty View

Bullish Wolfe Wave formed in Nifty Future Hourly Charts on 6th September

On Monday, Nifty Spot opened near 5360, declined during the day, and finally closed near the opening level. Nifty future has already completed the target of the Bullish Wolfe Wave that was formed in Hourly charts on 6th September. The short term trend should be considered up as long as Nifty Spot trades above 5345/5320 Spot, and Positional traders can look to Buy the Dips. Below 5345, two ranges comes into play. One is the broad range from 5220 to 5345. Second is within this range, the narrow range of 5250 to 5320. Technically, Nifty has consolidated after an upmove, came down to fill an open Gap, and have broken out after filling the gap. Hence, the breakout should be considered real till the time Nifty Spot trades above its support zones. On the upside, resistances for Nifty Spot exists near 5380/5385 levels, above which, it should head for 5415-5440 levels.

The Nifty Option OI Charts are given below:

On the Options front, the Bulls strengthened their positions by adding a big amount of 11 lacs+ OI at 5300 PE strike. There was very little activity at other strikes by either the Bulls and the Bears. Overall, the Options charts have turned interesting. The Bulls have converted 5300 level from a 50:50 level to a minor support. While the Bears have maintained resistances at 5400 and above levels. There is no 50:50 level as of now. Any move outside 5300 to 5400, can make the losing camp to panic and bring a trending move for Nifty.

For tomorrow, immediate resistance for Nifty Spot comes around 5380/5385 levels. Above this, the positive momentum will continue and the Bulls will head for higher level resistance of 5415/5440. On the downside, support for Nifty Spot comes at 5345/5320 levels. Any intraday decline towards 5345 can be used as a buying opportunity. Below 5345, Nifty Spot can go down to test lower level supports of 5320/5310, where the Gap support also exists. If declines and closes below 5310, then this upmove can be considered a false breakout, until Nifty conquers 5345 again.

11 Sep - Nifty Spot resistance at 5380-5415-5440-5460. Support at 5345-5320-5310-5280

 

[NiftyPower]

13 Sep - Nifty View

On Wednesday, Nifty Spot Spot closed near 5430 level, after making an intraday high of 5435. With this, it achieved the second target of Positional Longs given in previous Nifty Views. Nifty is now very close to the recent high of 5448, that it made last month. Above that, it is a free area, where new short term resistances and supports will have to be formed. Nifty last traded above these levels in February and March of this year. A New High here, if made, would signify a significant upmove. For Positional Traders, the trend remains up as long as Nifty Spot trades above 5340/5330 levels. On the Upside, there are few levels to watch out for line 5490/5515 and 5590, but it is best to ride this upmove with a trailing stoploss, as if it pans out as expected, the upmove can provide good trending opportunities ahead.

The Nifty Option OI Charts are given below:

On the Options front, the Bulls added a huge amount of 30 lacs+ OI from 5300 PE to 5500 PE strikes. The Bulls have taken over the Option charts, building solid supports at 5300 and 5200 levels. The Open interest in both 5200 PE and 5300 PE has now exceeded 90 lacs, and it is always a sign of strength to have suh high open interest. The level of 5400 has now become the 50:50 level, while 5500 and 5600 are the resistances.

For tomorrow, immediate resistance for Nifty Spot now comes at 5430/5435 levels, and then around 5450 and 5490 levels. As given earlier, above 5450, Nifty will form a New high after March last year, and it can signify the start of a fresh upmove. On the downside, support for Nifty Spot comes at 5420/5415 levels. Any intraday dip to these levels can be used as an opportunity to go long. Below 5420, Nifty can slide to test 5400 and 5370/5360 levels. All these support areas are expected to bring Buyers, till the time Nifty is closing above 5340/5330 levels.

13 Sep - Nifty Spot resistance at 5435-5450-5490-5515. Support at 5415-5400-5365-5340

 

[NiftyPower]

17 Sep - Nifty View

On Friday, Nifty had a huge gap up, and continued its uptrend to make an intraday high near 5586 Spot level, before finally closing around 5567 level. As given in previous Nifty Views, it is best to ride this uptrend with a trailing stoploss, and not be in a hurry to book profits, as this can lead to significant move in Nifty. The current trailing stoploss can be kept near 5430/5415 Spot level now. Before that, Friday's Gap zone of 5525/5515 Spot will provide further support to Nifty. On the upside, Nifty is now very close to its Yearly High of 5630 that it made in February of this year. There will be more cheers if Nifty crosses this level. Positional traders should continue to hold longs and add on dips till at least 5525/5515 level, with a stoploss below 5415 Spot level.

The Nifty Option OI Charts are given below:

On the Options front, the Bulls strengthened their positions by adding 7 lacs+ OI at 5300 PE and 5400 PE strikes. The Bears continued to cover their positions from 5200 CE to 5400 CE strikes. Overall, 5500 has now become the 50:50 level. The Bulls look in control of the Option Charts as of now. 5400 and below are the supports, while 5600 is a minor resistance as of now.

For tomorrow, immediate resistance for Nifty Spot now comes at 5585/5590. Above this, the Bulls will target the yearly highs at 5625/5630 levels. Above 5630, next target for Nifty Spot will be 5715 level, with minor resistances coming at 5650 and 5685 level. On the downside, support for Nifty Spot now comes around 5550 level. Below this, it can slide towards the Gap support level of 5525/5515 level. As given earlier, any downmove till 5525/5515 should be used as buying opportunities.

17 Sep - Nifty Spot resistance at 5590-5625-5650-5685. Support at 5550-5520-5490-5450

 

[NiftyPower]

20 Sep - Nifty View

Nifty has not done much in the first two days of this week. On Tuesday, it formed a Doji on Daily charts. The trend remains up and the same levels are still valid as was given in previous Nifty Views. Any decline, if it comes because of the political uncertainty, can be used by the traders to go long. Gap zone of 5525/5515 Spot is the immediate support zone for Nifty. The upmove has already formed a new yearly high. If at all this rally turns out to be a false move, then there will be plenty of opportunities to go short. As traders, we should not be predicting Tops and Bottoms, rather, we should be following the trend, which is up as of now.

The Nifty Option OI Charts are given below:

On the Options front, the Bulls strengthened their positions at 5500 level, by adding a big amount of 9 lacs+ OI at 5500 PE strike. On the other hand, the Bears added a big amount of 16 lacs+ OI at 5700 CE and 5800 CE strikes, building some resistance there, although a weak one at the moment. Overall, the Option Charts indicate 5600 as the 50:50 level between the Bulls and the Bears. 5500 and below are the strong supports, while 5700 and 5800 are minor resistance levels.

For tomorrow, immediate resistance for Nifty Spot comes at 5610 and 5630 levels. Only on sustaining above 5630, will Nifty head for 5715 levels, with minor resistance coming at 5650 and 5685 levels. On the downside, support for Nifty Spot comes at 5590 levels. Below this, it can slide towards 5550 and 5525/5515 levels, where again it is expected to find some support.

20 Sep - Nifty Spot resistance at 5610-5630-5650-5685. Support at 5590-5570-5550-5525

 

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[NiftyPower]

21 Sep - Nifty View

On Thursday, Nifty opened down, tried to recover intraday, but closed near the opening level due to some last minute selling. The Political environment remains uncertain, which is causing some downward pressure on Nifty. Whether it is a Golden Opportunity to Go Long or a Top in the Making, only time will tell. Technically, the trend remains up and Positional traders should remain Long and maintain a Stoploss below 5515/5525 Nifty Spot level on closing basis.

The Nifty Option OI Charts are given below:

On the Options front, there was little addition in OI, except for 6 lacs+ OI at 5600 CE strike. The Bulls covered a little amount of OI at 5600 PE and 5700 PE strikes, while the Bears also covered OI at 5800 CE strike. Overall, 5600 remains a 50:50 level as of now, although the Bears have an edge over the Bulls, with slightly more OI in Calls than in Puts. 5500 and below remain as strong supports. The Bears are trying to equalize things at 5500 level. Tomorrow's Option charts will bring more clarity on this. 5500 and 5600 are the two most important levels for Nifty for this series. Accordingly, 5520 to 5630 Spot can be treated as corresponding minor range.

For tomorrow, immediate resistance for Nifty Spot comes at 5555/5570 zone. Above this, the Bulls will try to take control and lead Nifty to higher level resistances of 5590-5610 and 5630 levels. On the downside, support for Nifty Spot comes at 5530/5515 zone. Below this, Nifty will be entering the Gap zone which it created on 14th September, and it can go all the way to close this gap before any further upmove comes.

21 Sep - Nifty Spot resistance at 5555-5575-5590-5610. Support at 5530-5515-5490-5450

 

[NiftyPower]

24 Sep - Nifty View

On Friday, Nifty has a Huge Rally, on back of improving political situation in the country. In previous Nifty Views, it was given that Positional Traders should remain long and continue to build long positions as long as Nifty sustained above 5515/5525 Spot level. It has also been given that this upmove will be best traded with a trailing stoploss and traders should not be in a hurry to book profits. All traders who followed the Views would be in good profits right now. 5515/5525 level has now become a medium term support level, and positional traders can now raise their stoploss to 5630/5620 Nifty Spot level. On the upside, Nifty is at yearly highs, and yet to form new resistance levels.Some important levels to watch out from last year's charts are 5715/5735 and 5775/5795 Nifty Spot levels.

The Nifty Option OI Charts are given below:

On the Options front, the Bulls added a huge amount of 74 lacs+ OI from 5500 PE to 5800 PE strike. On the other hand, the Bears covered an equally huge amount of 46 lacs+ OI from 5500 CE to 5700 CE strike. However, the Bears also added a huge quantity 36 lacs+ OI at 5800 CE and 5900 CE strikes. Just days before the expiry, such huge additions in Open Interest is unusual, but it has not been surprising given the definitive upmove that was seen.Overall, the Option Charts also seem to be adjusting to the Bullish move. The resistance comes in at 5800, while strong supports comes at 5500 and below. In between is the trading range, with 5600 a minor support, while 5700 is a minor resistance as of now.

For tomorrow, immediate resistance for Nifty Spot now comes at 5715/5735 zone. Staying above this, it will head higher towards 5775/5795 resistance zone.On the downside, support for Nifty Spot now comes around 5690/5685 and then around 5650 Nifty Spot level. Below this, Nifty Spot can slide towards its strong support level of 5630/5625 level, where again Buying Pressure is expected to come.

24 Sep - Nifty Spot resistance at 5715-5735-5775-5795. Support at 5685-5650-5630-5580

 

[NiftyPower]

26 Sep - Nifty View

On Tuesday, Nifty formed a Doji on Daily charts. In a trending market, Doji can give early signs of reversal. However, that has to be confirmed by a move below the Doji low and break of recent support zone. Hence, the trend remains up as long as Nifty Spot continues to close above 5630. On the upside, the resistance remain at 5715/5735 zone, and then at 5775/5795 zone. Below 5630, Nifty can test its breakout level of 5575/5580 Spot. Positional traders can remain long with trailing stoploss around 5630/5620, and go short if Nifty Spot closes below 5575.

The Nifty Option OI Charts are given below:

So near the Expiry, very little action is expected on the options front, except for some profit booking, and that is what happened on Tuesday. The Bulls covered 13 lacs+ OI at 5500 PE, while the Bears added 13 lacs+ OI at 5800 CE. Overall, the Option charts indicate 5700 as a minor resistance. 5600 and below are the supports, while 5800 is a resistance.

For tomorrow, immediate resistance for Nifty Spot comes at 5690/5695 levels. Above this, the Bulls will again target resistance zone of 5715/5735 and higher. On the downside, support for Nifty Spot comes at 5650/5660 levels. Below this, it will test strong support area of 5625/5630. Below 5630, the Bears will start having an upper hand, and there can be Long unwinding before Expiry.

26 Sep - Nifty Spot resistance at 5695-5715-5735-5775. Support at 5655-5630-5590-5575

 

[NiftyPower]

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

 

[NiftyPower]

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