1. The options table is now suggesting a change from 'silence of the bears' to 'violence of the bears'.
2. 6300 had already gone to the 6300CE writers and now its the 6200, that's also gone to 6200CE writers. With 67L 6200CEs vs 34L 6200PEs, 6200 is a decent resistance now
3. Battle has shifted now to 6100 and although 6100 is still an intermediate support with 68L 6100PEs vs 49.5L 6200CEs, the momentum is with bears given the addition of massive 29L CE addition on Friday. Only 6000 stands as a strong support as of now. Some lower level (OTM) put buying seen on Friday.
4. The massive put covering and call addition has further crushed PCR from 1.26 to 1.13 - But @PCR of 1.18, a sharp bounce came from 5980 levels (to around 6180) in third week of October. So a very low PCR could provide a temporary reversal even if the overall trend is down.
Nifty Futures:
NOV: 2.43Cr OI flat - No new shorts, neutral compared to the trend of long liquidation on previous day.
DEC: 26L OI up 2.7% (0.92L added to OI)
Banknifty Futures:
15.8L OI down 5% - BN OI is now down 7% from the point it reached 13300+
Monthly charts:
In just 2 sessions, the picture has changed from 'buyers in control to sellers in control' - never a dull day in markets!
Posts
4 comments:
Girish, hi,
wow your posts are strong presentation!
and, the way you responded promptly middle of the night, it got prepared then :)
Have good trading,
regds
Thanks Girish!
'Violence of the bears' reminds me of those discovery documentaries of arctic circle grizzlies feasting on salmon's migrating to higher grounds (or shall we say higher waters)!
Thanks Mok!
I get time only during the night once my daughter goes to sleep. So I just happened to be awake yesterday night looking at some stock futures in case there's a bounce.
There are few I am watching for a reversal to go long in small qty (Or buy a nerest higher level CA) for trade -- APOLLOTYRE, MCDOWELL-N, BHEL, BHARTIARTL, NEYVELILIG, ONMOBILE, APIL
There are a few others I am watching to go short on bounce:
CANBK, BANKBARODA, AUROPHARMA, DRREDDY, GESHIP, ABGSHIP, CUMMINSIND
Will study more stocks again tonight and see if something else pops up.
RM - Absolutely! That's the best analogy I have heard.
The bears are very deceptive and that too they choose the vantage points to attack.
A bear attack is surely more violent than a mad bull charge :)
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