1. Options data at this point seems to indicate that the market is confused! The reason I say that is both 5900 and 5800 are messed up levels with difference between puts and calls less than 25L. Currently we have an OTR (Options True Range) of around 25L these days - which means OI of any strike put or call can go up or down by 25L in a day. So I can say 5900 is a mild resistance and 5800 is a weak support.
2. 6000 is the current resistance.
3. 5900 is a mild resistance as described above
4. 5800 is a weak support and 5700 is a much better support.
5. PCR is now down from 1.41 in first day of this series to 0.95 - From academic study, one can say that a sharp reversal might come very soon. But its left to the market to decide where it wants to go.
Nifty futures:
1.96Cr OI down 4% (8L shares got cut) -- That's massive OI cut and now OI is back to where it was on first day of expiry! We saw that in Banknifty yesterday and Banknifty rallied almost 2%. Would Nifty do the same today?
Banknifty Futures:
12.8L OI down 7% (1.08L shares cut) -- This too is a massive OI reduction. Now even the shorts that got rolled over also covered?? Has Banknifty hit a major bottom yesterday? If it did then by March 2011, it should be 2000+ points up from here?
Despite the cry about FIIs selling out in our markets. Can anybody guess how much they have sold from 31st Dec? 500Cr and that's peanuts compared to the 23000Cr they put in September month alone and 94000Cr they put in for entire 2010!
Posts
2 comments:
Thanks Girish! We are very possessive about FII's money, just don't want it to go away from our sight!
:)
5825-5816-5792 & 10940-10904-10816 are the values
Post a Comment