NIFTY VIEW FOR 1st JUNE

Nifty fibo ratios from all time high to October low
50% retracement at 4319 and 61.8% retracement at 4798

Between these two levels of 4319 and 4798 fibo ratios are as follows
23% retracement is at 4412-4415 38.2% retracement at 4489 (Fridays high of nifty 4488)
50% retracement is at 4549 61.8% retracement at 4601.
So intermediate support is at 4415 while intermediate resistance is at 45173-4517.
Now coming to the OI data
Its surprising that so early in the series 4500 calls are showing such significant open positions. They are having OI of 22 lacs. While on the down side 4200 puts are having OI of nearly 22lacs. Also an intermediate fibo level on the down side comes at 4209based on above observations expect 4500 to act as resistance and 4200 to act as supports.
Risky shorts can be initiated in the range of 4489-4500 with SL of 4520 for initial targets of 4412-4350-4319.
However if the nifty opens with a gap up of more than 69-75 point then shorting should be avoided.