1. Given that 6000 was a 50-50 level and the range suggested was 5900-6100 for this expiry, the bulls decided to strike when it really mattered and how did they strike? Just like the Indian bowlers (esp Sreesanth) who came out and bowled some absolute rippers when it mattered the most, bulls made two almost game changing moves for this expiry - forced 6000CE writers to cover (20L OI cut) and wrote 6000PEs (16L) as if they were distributing free candies.
2. 6100 is now the resistance for expiry
3. 6000 is now the support for expiry. Where it expires is anybody's game.
4. PCR up further from 1.46 to 1.57 - again what needs to be looked at is what's happening in Jan Options - Will make a detailed post over the weekend.
Nifty Futures:
Dec: 1.58Cr OI down 15% (29L shares cut)
Jan: 1.39Cr OI up 42% (41L shares added) -- Almost 30% higher rollovers into Jan series. And who says FIIs are off on vacation? They have bought 1500Cr (NET) in index futures yesterday and 1000Cr (Net) in Index Options too.
Banknifty Futures:
Dec: 7.9L OI down 21% (2.1L shares cut)
Jan: 12.4L OI up 31% (3L shares added) -- Here too almost 50% more rollovers with a higher cost of carry. I had mentioned yesterday that increase in Open Interest will definitely give a directional move in next few days and BN definitely gave one yesterday with almost a 200 pointer. Its not over yet. Picture Abhi (probably) Baki Hai ... Without getting carried away, I am watching 11680 today and a decisive break of that can clear the path to 11780-11830 in next few days.
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