TECHNICAL CUES-------
• MSCI India Index ETN (INP) closed at 60.66 (+4%)
• SGX Nifty is trading around 4956.
• Nifty made high and low of 4905 and 4790 on last trading day.
• Last swing bottom is at 4538 and swing top is at 5055.
• Trading above 4905, up move will continue up to 4940, 4970.
• Below 4860, correction will be seen up to 4830, 4790, 4760.
• In the medium term Nifty is in corrective down move with targets of 4700(achieved), 4550(achieved), 4400.
• In the short term Nifty is in corrective up move with targets of 4780 (achieved), 4860(achieved). Above 4860, targets for corrective up move will be 4940, 4970.
DERIVATIVE CUES----
• Nifty November future discount converted in to premium of 5 points so cost of carry increased. (Bullish)
• Nifty open interest increased by 10 lacs suggests long addition. (Total OI now at 2.93 cr)
• Nifty calls shed 15 lacs and puts added 50 lacs in open interest. (Bullish)
• Nifty open interest put-call ratio is at 1.42.
• 4800 puts had open interest of 48 lacs (+62%) and 5000 calls had open interest of 33 lacs (-2%), so 4800 and 5000 will be important levels to watch for.
• India VIX closed at 28.92, decreased by 0.4% suggests stability. (Bullish)
• In Nifty stocks, advance-decline ratio is 44/6. (Bullish)
