1. From an options point of view also, we had a 'neutral day' with no significant change in options data. The broad range indicated by options is 6100-6500.
2. 6300 strike is still the busiest in terms of options activity. 6300PE/6300CE added 5.5L/6.8L to OI. Taking into account previous day's action of adding 15L 6300PE - the bias is still slightly bullish.
3. I have said this yesterday and will repeat today too - I am not happy about 6200PEs being flat and seeing some OI cut yesterday. With not enough 6200PEs, the market can make a run at the newly added 6300PEs very easily and if they back off, a sharp correction can follow. History of mid October slide is on my side to support this theory.
4. PCR dipped at bit from 1.39 to 1.37 - still pretty healthily for a rise
Nifty futures:
NOV: 2.58Cr OI up 3% (7.5L added to OI)
DEC: 22.7L OI up 7% (1.5L added to OI)
Banknifty Futures:
16.5L OI down 1%
Weekly Charts:
Weekly charts show a balanced but small value area built higher than previous week's value. As Viren posted, a decisive move could follow after this consolidation.
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1 comments:
Thanks Girish!
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