For last four sessions Nifty has been consolidating since there is a cluster of issues ahead-- at least three resistances. i) Previous high, ii) 200 DMA and, iii) Trading Gap. Moreover, on daily chart Stochastic has reached overbought level. So Nifty may take some more time to settle these resistances. Crossing and staying above 200 DMA will set the tone in favour of bulls. On weekly chart, Stochastic has given an upside crossover within oversold region.
OI Table: Bulls are guarding 10000 Put strike with the highest OI and they have increased their position at 10200 Put strike with second highest OI. Bears are holding onto 11000 Call strike. Option Pain table is yet to tilt fully in favour of bulls.
FIIs and Proprietary have been buying in small quantity. They have stopped selling big.
Crude has climbed down significantly-- below $60 which is a great relief for Indian economy. Accordingly INR against Dollar has also recovered.
Marketmen will closely watch the developments in 5 states going for assembly polls.
OI Table: Bulls are guarding 10000 Put strike with the highest OI and they have increased their position at 10200 Put strike with second highest OI. Bears are holding onto 11000 Call strike. Option Pain table is yet to tilt fully in favour of bulls.
FIIs and Proprietary have been buying in small quantity. They have stopped selling big.
Crude has climbed down significantly-- below $60 which is a great relief for Indian economy. Accordingly INR against Dollar has also recovered.
Marketmen will closely watch the developments in 5 states going for assembly polls.