TECHNICAL CUES-------
• Nifty made high and low of 5117 and 5051 on last trading day.
• SGX Nifty is trading around 5040.
• Last swing top is at 5182.
• Trading above 5090, up move will be seen up to 5110, 5140.
• Below 5051, correction will continue up to 5034, 5010, 4980.
• Currently Nifty is in uptrend (medium term) with targets of 4900(achieved), 5100(achieved), 5300. Below 4934, medium term uptrend will be terminated.
• Nifty is now in corrective down move with targets of 5061(achieved), 5034, 5010, 4980.
DERIVATIVE CUES----
• Nifty October future discount converted in to premium of 7 points so cost of carry increased. (Bullish)
• Nifty open interest increased by 3 lacs suggests long addition. (Total OI now at 2.68 cr)
• Nifty calls added 12 lacs and puts shed 18 lacs in open interest. (Bearish)
• Nifty open interest put-call ratio is at 1.32.
• 5000 puts had open interest of 43 lacs (-8%) and 5100 calls had open interest of 54 lacs (+12%), so 5000 and 5100 will be important levels to watch for.
• India VIX closed at 26.78, increased by 0.4% suggests instability. (Bearish)
• In Nifty stocks, advance-decline ratio is at 13/37. (Bearish)
