TECHNICAL CUES---
• Nifty made high and low of 4899 and 4808 yesterday.
• SGX Nifty is trading around 4942.
• Last swing bottom is at 4786.
• Trading above 4899, up move will be seen up to 4950, 4980.
• Below 4860, weakness will be seen up to 4840, 4810, 4780.
• Currently Nifty is in uptrend (medium term) with targets of 4900(achieved), 5100, 5300.
• Nifty is in short term uptrend also with remaining targets of 4950, 4980.
DERIVATIVE CUES--
--Nifty September future premium decreased to 8 points so cost of carry decreased. (Bearish)
--Nifty open interest increased by 10 lacs suggests short addition. (Total OI now at 3.24 cr)
--Nifty calls shed 8 lacs and puts added 47 lacs in open interest. (Bullish)
--Nifty open interest put-call ratio is at 1.59.
--4800 puts had open interest of 49 lacs (+33%) and 5000 calls had open interest of 41 lacs (+4%), so 4800 and 5000 will be important levels to watch for.
--India VIX closed at 30.20, decreased by 4.6% suggests stability. (Bullish)
--In Nifty stocks, advance-decline ratio is at 45/5. (Bullish)
