1. Options data still seems to have those confused levels 5700/5800 but the activity of buying 5400/5500PEs and also addition of 35L 5700CEs makes it look like we are just one more day from printing a RED candle looking at which Foreign Investors will say -- "there goes my India story into the dumps". ( http://www.marketwatch.com/story/india-etfs-dive-on-inflation-rate-jitters-2011-01-16 ) Although my positions is now long in 5700CEs - I would be switching to 5600/5500PEs if 5620-5630 breaks on downside.
2. 5800 is the weak resistance. The good news for bulls is that no new 5800CEs are being written despite the large fall from 5800+ levels
3. 5700 is now a truly 50-50 level.
4. 5600 is a reasonably strong support.
5. PCR had negligible increase from 0.90 to 0.91 -- still in a "reversal possible" zone.
Nifty Futures:
2.26Cr OI flat -- No sign of short covering!
Banknifty Futures:
12.8L OI down 0.8%
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2 comments:
Thanks Girish!
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