NIFTY DAILY

NIFTY DAILY CHARTS
The Bollinger bands on the daily charts have been contracting which means nifty will faced increased volatility in the next coming days and possibly a big move in coming days.
But the possible direction of the move is very difficult to predict as momentum and other similar indicators are perched on their supports.
On the daily chart the first support is at 5050-5030 as it’s the candle support as well as 20DMA a move below this or may be a move below 5000 will weaken the bulls and nifty can test 4940 which should be considered as a crucial support in short to medium term.
The resistance is at 5200-5225 which is becoming difficult day by day to break.
NIFTY OI
The puts at 5000 have massive OI which indicates strong support at 5000 and a break of which will be bad.
The calls at 5200 also have significant OI which means 5200 is a resistance.
So waiting for either 5000 or 5200 to break is the only option according to me.
The whole thing has to be taken in with a global vie included
A move below 4940 accompanied by a rise in $ index will mean bad times for bulls in the near term.
While a move above 5200 accompanied by a move of DOW JONES above 10500 will mean fresh impetus to bulls.