TECHNICAL CUES-------
• MSCI India Index ETN (INP) closed at 61.3 (+ 2%)
• SGX Nifty is trading around 5039.
• Nifty made high and low of 5018 and 4943 on last trading day.
• Last swing bottom is at 4924 and swing top is at 5017.
• Trading above 5020, up move will be seen up to 5040, 5055.
• Below 4970, correction will be seen up to 4940, 4920.
• 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 short term uptrend with targets of 5042, 5080, 5150. Below 4924, short term uptrend will be terminated.
DERIVATIVE CUES----
• Nifty November future premium increased to 4 points so cost of carry increased. (Bullish)
• Nifty open interest increased by 11 lacs suggests long addition. (Total OI now at 2.98 cr)
• Nifty calls shed 2.5 lacs and puts added 27 lacs in open interest. (Bullish)
• Nifty open interest put-call ratio is at 1.56.
• 4900 puts had open interest of 56 lacs (+ 17%) and 5100 calls had open interest of 33 lacs (+3%), so 4900 and 5100 will be important levels to watch for.
• India VIX closed at 29.09, decreased by 2% suggests stability. (Bullish)
• In Nifty stocks, advance-decline ratio is 33/17. (Bullish)
