OI Table study: Roller-coaster day: Bulls were able to protect 11400 but could not protect 11500. Bulls are running for cover. Bears have heavily written Calls at 11600 (added 997050 shares) and 11500 Calls (added 1019625 stares). So now we have to see if bulls can save 11500. Highest OI position stands at 11800-- big wall of resistance for the bulls. If Nifty has to resume the uptrend, it has to move above 15 DMA (11575) and the 9 DMA (11578) which at the present moment seems not so easy. Breaking down the channel is not a good thing.
A very volatile session is not easy to trade. We must wait for either of the trend to assert.
A very volatile session is not easy to trade. We must wait for either of the trend to assert.
Comment:
Market may recover the losses due to short covering. But this does not confirm the trend. I shall not be surprised if Nifty breaches yesterdays low. Nifty can go below 11300 in some days from now.