Nifty

As mentioned in earlier post 8655 is the tough resistance zone which the Index could not cross today and witnessed selling pressure during the closing session of the market. It found support at the mentioned level of 8576 and finally closed at 8590.65 i.e. below 8600 level.

Liquidation was seen  at 8500 & 8550 PE strikes  though no major addition was seen at 8550 CE strike. 8600 CE is having total OI of 44.88 lac whereas total OI at 8600 PE is 26.46 lac. 8500 PE strike has total OI of 48.55 lac. VIX closed at 15.62 and PCR declined to 0.9. So the broad range of July Series seems to be 8500-8600.

Intraday Support - Resistance

Resistance 8631-8672

Support 8563-8535

Nifty : Will it sustain above 8600 Levels?

Though the Index witnessed flattish opening, gradually it started recovering and finally managed to give a very powerful close above 8600 mark. It faced resistance around 8600 levels on multiple occasions and finally today surprised the bears by through out sustaining and closing above 8600 mark. 

Heavy OI addition seen at 8550 & 8600 PEs Strike. On the other hand Bears were forced to liquidate their positions at 8600 CE Strike. Total OI at 8600 CE still stands at 52.77 lacs whereas at 8600 PE it is 28 lac. The next tough resistance is around 8655 levels which once crossed on the closing basis may create panic among bears and the Index may rally up to 8720-8750 levels. 8500 PE Strike is having highest OI suggesting strong support. VIX closed at 15.71.

Intraday Resistance - Support

 Resistance 8680-8722

Support 8598-8576