TECHNICAL CUES---
• Nifty made high and low of 5035 and 4921 yesterday.
• SGX Nifty is trading around 5060.
• Last swing bottom is at 4921 and swing top is at 5110.
• Trading above 5035, up move will resume up to 5070, 5110. Above 5110 ‘blow out’ phase(terminal phase) in the market will be seen and utilize that phase to offload long positions in market.
• Below 5000, correction will be seen up to 4970, 4940.
• 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.
DERIVATIVE CUES---
--Nifty October future premium increased to 11 points so cost of carry increased. (Bullish)
--Nifty open interest decreased by 1 lacs suggests short covering. (Total OI now at 2.48 cr)
--Nifty calls added 6 lacs and puts added 11 lacs in open interest. (Bullish)
--Nifty open interest put-call ratio is at 1.35.
--4900 puts had open interest of 64 lacs (+7%) and 5100 calls had open interest of 36 lacs (-2%), so 4900 and 5100 will be important levels to watch for.
--India VIX closed at 27.75, decreased by 3% suggests stability. (Bullish)
--In Nifty stocks, advance-decline ratio is at 30/20. (Bullish)
