1. Nothing has really changed in terms of trend - aggressive call writing @6000/6100 continues. Even though 6000CEs have added almost 34L in last 3 days - we have not aggressive selling below 6020 yet.
2. With 84L in OI, 6000 is the current support. 6000PEs are not covering much despite the fall from higher levels in last two days. Even 6100PEs are not covering much, which means as of now it looks like there may not be a big downside from here.
3. 6100 is the immediate resistance with 68L in OI but not a very strong resistance given that 6100PEs are also about 53L. 6200 is a proper resistance with 70L CEs vs 32L PEs.
4. PCR has dipped further from 1.22 to 1.18 -- If high PCR of 1.8-2.0+ is a sign of reversal during run up, would low PCR be a sign of fall being arrested and upmove coming?
Nifty Futures:
OCT: 2.68Cr OI up 1.5% - 4L shares added -- Finally, Nifty OI is increasing at lower levels. Even though small increase but nonetheless a +ve OI after being 30% down from its Sep levels
NOV: 33L OI up 14% - 4L shares added
Banknifty Futures:
OCT: 14L OI down 3% - No sign of OI increase in BN
NOV: 1.6L OI up 4%
Weekly profile for Nifty & BN:
Well, I am not an expert like Shai in giving comments based on Profiles - my understanding says that we are developing a b-shaped profile in Nifty & Banknifty. If these Weekly VALs 6001 & 12218 are protected then there is a chance of further rise from here.
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3 comments:
Value areas for tomorrow
Nifty : 6064-6057-6038
BN : 12315-12290-12260
To be read as VAH, POC, VAL
Thanks Girish!
Using MP language one would say that you are fast approaching Shai's value area. :)
RM,
Long way to go before I get there, but even if I can reach VAL its good enough :)
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