Finally we may have the range of 5200-5300 in the Nifty give way tomorrow....to the downside!!
At 6.68 million in open interest the resistance at 5300 is here to stay till the end of this expiry week. What was notable today, was the addition 7.5 % in Open Interest at 5200 by the call writers and the reduction of 2.5% at the same strike by the put writers.If you see this action of the put writers in the context of the 7.55 % added at 5100, it points to a move closer to 5100 in the index.
Well tomorrow we'll know anyway..
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3 comments:
Great Analysis
Shai,
Great post.5130 is definitely close to 5100!!
The Open Interest at 5100 on the put side has shown no reductions so far. On the contrary, there is an intra-day buildup of 6 %.
So my advise would be to book all shorts at this level 5110 and consider a few individual longs as a short term play.
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