• Nifty made high and low of 5076 and 4992 yesterday.
• SGX Nifty is trading around 5032.
• Last swing bottom is at 4904 and swing top is at 5110.
• Trading above 5050, up move will be seen up to 5080, 5110.
• Below 4992, correction will continue up to 4980, 4945.
• Currently Nifty is in uptrend (medium term) with targets of 4900(achieved), 5100(achieved), 5300.
• Nifty is in short term uptrend with targets of 5090(achieved), 5120(almost achieved), 5150, 5200.
--Nifty October future discount converted in to premium of 5 points so cost of carry increased. (Bullish)
--Nifty open interest decreased by 6 lacs suggests short covering. (Total OI now at 2.49 cr)
--Nifty calls added 23 lacs and puts added 17 lacs in open interest. (Bearish)
--Nifty open interest put-call ratio is at 1.35.
--4900 puts had open interest of 60 lacs (+3%) and 5100 calls had open interest of 37 lacs (+32%), so 4900 and 5100 will be important levels to watch for.
--India VIX closed at 28.72, increased by 13% suggests instability. (Bearish)
--In Nifty stocks, advance-decline ratio is at 11/39. (Bearish)
