The market justified the Open Interest data from yesterday by shaving off 48 points from the Nifty Futures.I have updated the chart with today's data which points to some more downside.The US markets are at an intersting point now ( 11.00 pm IST) and further downside there, should point to a gap down open tomorrow.
It will be interesting to watch the behavior of the 5200 PE writers in the first session tomorrow. Obviously they would expect the recent highs at 5180 levels to hold as support, but if they don't watch out below! A liquidation of the 4.8 million in OI at the 5200 put strike can bring a quick move down.
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