1. Like we saw in first week of November, gap ups become a regular feature of this market as it starts trending strongly. And another feature of such market is put writing even before the level is decisively crossed. Yesterday was the day of 6200PEs addition -- almost 10L when Nifty Fut had barely struggled to go 7 points above 6200. So don't be surprised to see 6250 reached in the first 10 ticks today because this is an options dominated market.
2. 6200 can be considered resistance as now. The real activity happened in last 2 days is the addition of 20L 6300CEs!
3. 6100 is almost the official support. Just need another 15-20L puts to be written to make it strong support
4. Good support @6000
5. PCR is flat @1.41
Nifty Futures:
1.96Cr OI up 1.25% (2.5L shares added)
Banknifty Futures:
15L OI up 6% (0.9L shares added) -- Very decent OI addition on what looked like a lackluster day with mostly BN meeting sellers @11940-11955 drivinh it back to 11880. Balanced profile and 6% OI addition are typically ingredients needed for a fast move.
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