1. The kind of markets we are in, nothing is to be taken for granted and every data point has to be looked at with suspicion. Looking back it seems like the addition of 22L+ 6300PEs for last 2 days (9th/10th Nov) was a classic case of "putting lipstick on a pig". As pointed out repeatedly in last two days' update, without enough 6200PEs, there was no way a market could sustain 6300+ level just based on 6300PEs.
2. 6300 now becomes the clear resistance with 71L calls vs 36L puts. And 6200 is now a balanced level with a slightly -ve bias due to 6L 6200PE covering and 10L 6200CE addition.
3. 6000 remains strong support. Some 6100PEs also covered but lack of addition of 6100CEs means 6100 would be an intermediate support.
4. PCR has dipped from 1.37 to 1.26 indicating the -ve bias
Nifty Futures:
NOV: 2.44Cr OI down 5.3% (13.8L shares cut from OI) - Yesterday 7.5L shares got added and today 13.8L got cut. Most likely long unwinding
DEC: 25L OI up 10% (2.3L shares added)
Banknifty Futures:
16.6L OI up 0.7%
Monthly Charts
Nifty looking P-shape profile, but value is still higher than previous month's value.
Posts
4 comments:
Thanks Girish, Pigs would love it. :)
LOL RM!
Value areas :
BN : 13115-13080-12955
Nifty : 6307-6287-6245
GD, this one should try :D
Moh,
There seem to be some folks who have already tried it! Just search "lipstick on pig" on google and you will get several images.
And I was just looking at today's options data & FII FnO data. Its totally mind blowing and so bearish that I thought, let me not think about it till Monday morning.
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