NIFTY UPDATES 31713

AS MENTIONED IN OUR EARLIER POST NIFTY FOUND SUPPORT AT 5700 LEVEL, IT FILLED THE GAP AROUND 5680 AND WITNESSED A BOUNCE BACK.  5700 PE IS HAVING HIGHEST OI OF 59 LAC SUGGESTING THAT IMMEDIATE SUPPORT PLACED 5700 MARK. 5800 CE AND 5800 PE IS HAVING OI OF 31.5 LAC AND 37.65 LAC. TOTAL OI AT 5900 CE IS 36.82 LAC. NIFTY FORMED A DOJI AFTER CONTINUOUS HAMMERING. VIX CLOSED UP BY 3.6% AT 18.77. SO IN SESSIONS AHEAD TOUGH FIGHT FOR 5800 MARK IS EXPECTED BETWEEN BULLS AND BEARS. NOW ALL EYES ON THE FOLLOW UP MOVES AFTER THE DOJI AFTER WHICH A CLEAR VIEW ON THE INDEX CAN BE FORMED. 

RESISTANCE 5760-5795-5815

SUPPORT 5710-5680

NIFTY UPDATES 30713

NIFTY BREACHED A CRUCIAL SUPPORT PLACED AROUND 5815 AND CLOSED AT 5755 AFTER TESTING 5747 LEVEL. HUGE OI BUILT UP TODAY AT 5700 PE OF 18 LAC TAKING THE TOTAL OI TO 54.6 LAC. TOTAL OI AT 5700 CE IS 7.55 LAC. TOTAL OI AT 5800 CE AND 5800 PE IS 29.12 LAC AND 47.7 LAC. OI AT 5900 CE IS 44 LAC AND AT 6000 CE IS 56.79 LAC. 5900 PE IS HAVING TOTAL OI OF 36.79 LAC WITH LIQUIDATION OF 4 LAC. VIX CLOSED IN RED AND JUST MANAGED TO CLOSE ABOVE 18 MARK. CONSIDERING THE DATA IT SEEMS THAT 5700 IS GOING TO ACT AS STRONG SUPPORT FOR NIFTY. NO LIQUIDATION WAS SEEN AT 5800 PE WHICH IS QUITE SURPRISING. THOUGH THE OVERALL TREND OF THE INDEX SEEMS TO BE DOWN, BASED ON THE DATA WE ARE OF THE OPINION THAT BEARS MAY TAKE PAUSE AND THE INDEX MAY CONSOLIDATE.

NIFTY UPDATES 27713

AS PER OPTION CHAIN HIGHEST OI IS BUILT UP AT 5800 PE OF 45 LAC. TOTAL OI AT 5900 CE AND 5900 PE IS 32 LAC AND 41 LAC.  6000 CE IS HAVING HIGHEST OI OF 45 LAC WITH HUGE ADDITION OF 11.8 LAC IN OI. VIX CLOSED JUST BELOW 17 MARK AT 16.78 LEVEL. TECHNICALLY NIFTY FOUND A SUPPORT IN 5860 ZONE. AS OF NOW IT IS VERY DIFFICULT TO FORM A VERY CLEAR VIEW ON NIFTY. HOWEVER CONSIDERING THE FACTS THAT NIFTY WOULD BE TRADING AROUND SUPPORT ZONE AND HIGHER OI AT 5900 PE THAN THAT OF  5900 CE A POSSIBLE BOUNCE BACK CAN'T BE RULED OUT.  TRADERS MUST STICK TO STOCK SPECIFIC MOVES.

SUPPORT 5860-5815 

RESISTANCE 5910-5935

NIFTY UPDATES... 22713

NIFTY IS NOW SUCCESSFULLY HOLDING 6000 LEVELS AND TRADING IN MULTIPLE RESISTANCE ZONE. AS PER OPTION CHAIN 5900 IS THE WALL OF SUPPORT AND IMMEDIATE SUPPORT IS 6000 WHEREAS 6100 ON UPPER SIDE REMAINS RESISTANCE. AS WE ARE APPROACHING JULY EXPIRY BULLS WILL TRY TO CLOSE THE NIFTY ABOVE 6050 LEVEL WHICH IS THE MONTHLY RESISTANCE. NIFTY IS IN AN UPTREND AND THE BEAUTY OF THE RALLY IS THAT IT IS NOT BEING LED BY THE BANKING SPACE. MARKETS ARE STRONGLY RESPONDING TO ANY POSITIVE NEWS AND ALL THE NEGATIVES ARE COMPENSATED OR SET OFF IMMEDIATELY BY SPECIFIC HEAVY WEIGHTS. VIX TOO HAS CLOSED BELOW 18 MARK. SO WE ARE OF THE OPINION THAT AS LONG AS 5910 IS NOT BROKEN ONE MUST UTILIZE EVERY DECLINE AS A BUYING OPPORTUNITY. HOWEVER ONE MUST BE VERY CHOOSY IN STOCK SELECTION. 

NIFTY UPDATES 15713

NIFTY TODAY FORMED A MARUBOZU CANDLE STICK PATTERN ON A DAILY CHART. AS PER OPTION CHAIN 6000 CE IS HAVING HIGHER OI THAN 6000 PE WHICH IS SOMETHING SURPRISING AS VIX TOO HAS CLOSED IN GREEN. SO A CAUTIOUS APPROACH IS REQUIRED FOR BULLS. BUT STILL WE ARE BULLISH ON THE INDEX WITH REVISED SL OF 5980. AS LONG AS 5980 IS IN TACT TRADERS MUST STICK TO BUY ON DECLINE STRATEGY. 

NIFTY UPDATES 14713

AFTER MOVING IN A RANGE OF 5750-5900 NIFTY BROKE THE RANGE AND FINALLY CLOSED ABOVE 6000 LEVEL. AS PER OPTION CHAIN NIFTY HAS SUPPORT AT 5900 LEVEL AND IMMEDIATE RESISTANCE 6000 LEVEL. NIFTY WILL NOW BE TRADING IN MULTIPLE RESISTANCE ZONE. VIX CALMED DOWN FROM 20 LEVEL AND CLOSED AT 18.7 MARK. THE UNIQUE FEATURE OF THE RECENT RALLY IS THAT IT HAS NOT BEEN LED BY BANKING SECTOR. THE TREND OF THE MARKET IS UP WITH A VERY CHOOSY STOCKS. WE ARE BULLISH ON THE INDEX AS LONG AS 5940 IS NOT BREACHED ON CLOSING BASIS. ON UPPER SIDE IMMEDIATE RESISTANCE IS AROUND 6055 LEVEL. 

AS OF NOW BULLS ARE HAVING UPPER HAND.

NIFTY DAILY CHART

NIFTY DAILY CHART WITH FIBO TOOL

NIFTY WEEKLY CHART.

NIFTY UPDATES 10713

NIFTY IS TRADING IN A RANGE OF 5750-5900 FOR THE LAST MANY DAYS. WITH VIX NEAR 20 MARK AND AS WE ARE APPROACHING WEEKLY CLOSE BREAK OF THE RANGE ON EITHER SIDE MAY LEAD DIRECTIONAL MOVE. HOWEVER AS OF NOW NIFTY IS LOOKING SLIGHTLY BULLISH AND WE ARE OF THE OPINION THAT TRADERS SHOULD ADOPT BUY ON DECLINE STRATEGY AS LONG AS 5750 IS IN TACT.

 WITH MODERATE BULLISH VIEW ON THE INDEX WE RECOMMEND BULL SPREAD OPTION STRATEGY. TRADERS CAN BUY 5800 CE AT 100 AND SELL 5900 CE AT 53. PREMIUM PAID 47 SL 25 TGT   80-90

NIFTY UPDATES : 7713

NIFTY IS FINDING RESISTANCE AROUND 5900 MARK AND IS UNABLE TO CROSS 5910 LEVEL ON A CLOSING BASIS. HOWEVER IT IS SUCCESSFULLY HOLDING ABOVE 5830 LEVEL WHICH IS QUITE A POSITIVE SIGN. ON A WEEKLY BASIS NIFTY BREACHED 5600 LEVEL BUT MANAGED TO CLOSE ABOVE THE SAME DURING RECENT PAST. LAST WEEK IT FORMED A BULLISH ENGULFING PATTERN ON A WEEKLY CHART AND THIS WEEK TOO IT MANAGED TO GIVE CLOSE ABOVE 5830. SO THE SHORT TERM PICTURE FAVORS THE BULL AS LONG AS NIFTY IS HOLDING 5750 LEVEL. CONSECUTIVE DAILY CLOSE ABOVE 5910 PLUS WEEKLY CLOSE ABOVE 5977 MAY LEAD THE INDEX TO MOVE 6104 LEVEL. 

SUPPORT 5815-5750

RESISTANCE 5910-5977