Nifty Technical Levels For Expiry Week

By | April 23, 2011 2:53 pm

Nifty Hourly Charts

Nifty Hourly Charts are trading in a Range of 5944 0n Higher end of trading range and 5700 on lower end of trading range.We have been trading in this range for almost whole April Month.

After a Big Bang rally in March which took everyone by surprise we are now consolidating the gains and making base for higher levels.

As such Positional Trades should only be taken on break of the range else we need to trade the range.

TCS results were good and RIL were OK so we need good results from Banking Giants (ICICI and SBI) to break this Range on Upside.



If we look at Hourly Charts we can see a Gap which was formed on Thursady a small gap of 6 points which needs to be filled from 5857 to 5863. So pull back till 5855 should be bought for higher levels.


Nifty Daily Chart



Nothing Much has changed if we look at Daily Charts.Till 5944 is not broken on upside and 5693 on downside we are struck in a range.

The trend line adjoining 6338 and 6181, the tops made in November 2010 and January 2011, which resisted Nifty’s mammoth rally earlier at 5944, continues to be an important hurdle. The same trend line again resisted the benchmark at 5923 last week and 5913 this week, as shown in the daily chart below. A decisive crossover of this hurdle can take Nifty to around 6181, which is the year 2011 high made on 4th January.



Nifty Weekly Chart


Weekly Low of  5693, the bottom made during the week, is the important support to watch out in the near term.

For Long Positions for April Month Keep a SL of 5854,Below which if Nifty breaks 5833 we will expire near lower end of Trading range and IF 5855 is protected for next 3 days we should see Expiry above 6000


Nifty Option Open Interest Chart


As per Options Open Intreset maximum Call Writing is @6000 CE 9394400 and 5700 PE 8557100 PCR@1.42

Live Nifty Options OI

As per Options OI Expiry Range in on lower end @5700 and Upped end @6000


All levels mentioned are SPOT levels

How to become Profitable Trader

If interested in Learning How to trade in Nifty Profitably using a Trading System Call@09985711341




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About Bramesh

Bramesh Bhandari has been actively trading the Indian Stock Markets since over 15+ Years. His primary strategies are his interpretations and applications of Gann And Astro Methodologies developed over the past decade.

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