Nifty: bulls returned with a big bang on Tuesday after taking support of 15 DMA on Monday. Nifty on Tuesday raised its head a ted above 5 DMA (possible return of momentum with bullish inclination). International issues may weigh down on Indian market as the same has an impact on S&P and Asian markets.
OI Table: On Tuesday bulls increased their position on 11400 Puts by writing 727200 shares and 11500 Put by writing 346575 shares. Bears are stubborn on holding guard of 11500 Calls. Bulls too are strongly defending 11000 Put strike with the highest OI position.
Conclusion: Bulls working hard to demolish the bear's fort of 11500. On 8.8.18 Bulls tasted the level of 11495 and they will try to taste this important resistance again. Just that the international cues should be a bit favorable.
OI Table: On Tuesday bulls increased their position on 11400 Puts by writing 727200 shares and 11500 Put by writing 346575 shares. Bears are stubborn on holding guard of 11500 Calls. Bulls too are strongly defending 11000 Put strike with the highest OI position.
Conclusion: Bulls working hard to demolish the bear's fort of 11500. On 8.8.18 Bulls tasted the level of 11495 and they will try to taste this important resistance again. Just that the international cues should be a bit favorable.
Comment:
Crude slid below 200 DMA today after one year. This will have an impact on USD/INR and also on Nifty.