Nifty Spot View: 11/05/2023
CMP: 18315.10
Support & Downside Range: 18244—18208--18170
Resistance & Upside Range: 18350---18450—18500--18675
Short Term Trend Reversal Level: -- 18055--18042
CMP: 18315.10
Support & Downside Range: 18244—18208--18170
Resistance & Upside Range: 18350---18450—18500--18675
Short Term Trend Reversal Level: -- 18055--18042
Trading View: In today's weekly expiry trading session key levels to watch as support 18244 and as resistance 18350 spot levels as long as we trades above 18244 bias remains buy on dips and bulls have upper hand and it can move upside till minimum 18450 to 18500 levels whereas upside bears will try to defend 18350 spot levels if they manage to hold this levels then we might see a dull expiry which may do time pass between 18350 to 18244 and if 18244 gets breach then bears can go heavy again on expiry day which may take nifty towards 18208 to 18170 spot levels.
The data points are out. We are in for a range day. Not much is expected from volatility, hence some sideways to positive move should happen. Dips will be bought and rise will be sold.
Update
Nifty options update : CMP 18307 as per current data highest put oi standing at 18200, highest call oi standing at 18400 and currently fight going for 18300 strike , this data now clearly indicates that break above 18350 bulls have chance for domination and break below 18244 bears have a chance to dominate the expiry if nifty remains between 18244 to 18350 then its a WINDAY for Options writers.
