Hi,
here is Nifty option chain of 15th Jul 11(Fri).Notice that along with 5700 call,5600 call also seen OI Build up.5500 Put still has higher OI.
On 14th Jul(Thurs), Nifty managed to get past 5600 and touched Intra day 5650.But,late sell off since 3.00 p.m brought down Nifty to below 5600 level. On the 15th Jul(Fri), Nifty managed to climb above 5600 and moved up to 5630 where it got resisted and fallen below 5600.Judging from swiftness with which Nifty came down below 5600 level on these two occasions,there was a determined selling at 5650,5630 levels.
Hence 5500 seems to be support and 5630-5650 area is resistance area.Another Nine sessions left in this series. It is any one's guess whether Nifty will oscillate within the 5500-5630,5650 range in these Nine sessions. Options writers at 5500 put strike and 5600 calls are advised to be cautious and on guard.
Have a very good weekend
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