1. The market seems to be taking 3 steps down and 2 steps up and options data seems to be suggesting the same.
2. As mentioned yesterday, nifty range of 5900-6100 is still valid. 6000 is now officially a resistance but high OTR (Options True range) and 10L difference between 6000CE/6000PE means anyone can claim it.
3. 5900 is still the support but- still a bit shaky one because of yesterday's call writing.
4. PCR dipped from 1.05 to 1.01 -- overall don't expect this to move big time before expiry
Nifty Futures:
Nov: 1.48Cr - OI down 25% (50L shares cut)
Dec: 1.52Cr - OI up 68% (62L shares added) -- strong rollovers + new OI addition
Banknifty Futures:
Nov: 7.8L - OI down 29% (3.2L shares cut)
Dec: 8.8L OI up 127% (5L shares added) -- again strong rollovers + new OI addition
Nifty weekly chart shows that support came in yesterday around VAL of the breakout week in September. The scary thing? Below 5770-5805, there's not much support until 5600
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