TECHNICAL CUES-------
• Nifty made high and low of 5182 and 5103 on last trading day.
• SGX Nifty is trading around 5109.
• Last swing bottom is at 5077 and swing top is at 5182.
• Trading above 5130, up move will be seen up to 5160, 5190, 5210.
• Below 5103, correction will be seen up to 5090, 5077. Below 5077 short term uptrend will be terminated.
• Currently Nifty is in uptrend (medium term) with targets of 4900(achieved), 5100(achieved), 5300.
• Nifty is in short term uptrend with targets of 5160(achieved), 5190(achieved), 5210.
DERIVATIVE CUES----
• Nifty October future discount decreased to 10 points so cost of carry increased. (Bullish)
• Nifty open interest decreased by 5 lacs suggests short covering. (Total OI now at 2.65 cr)
• Nifty calls added 26 lacs and puts shed 15 lacs in open interest. (Bearish)
• Nifty open interest put-call ratio is at 1.38.
• 5000 puts had open interest of 46 lacs (-10%) and 5200 calls had open interest of 48 lacs (+13%), so 5000 and 5200 will be important levels to watch for.
• India VIX closed at 26.69, increased by 2% suggests instability. (Bearish)
• In Nifty stocks, advance-decline ratio is at 17/33. (Bearish)
