TECHNICAL CUES-------
• SGX Nifty is trading around 4915.
• Nifty made high and low of 5116 and 4986 on last trading day.
• Last swing top is at 5138.
• Trading above 5020, up move will be seen up to 5050, 5080.
• Below 4986, correction will continue up to 4950,4930. Below 4930, medium term up trend will also terminate.
• In the medium term, Nifty is in up trend with targets of 5160, 5230, 5330. Below 4932, medium term up trend will also terminate.
• In the short term, Nifty is in corrective down move with possible targets of 4960, 4930, 4890, 4838.
DERIVATIVE CUES----
• Nifty December future premium turned in to discount of 13 points so cost of carry decreased. (Bearish)
• Nifty open interest decreased by 96 lacs suggests long unwinding. (Total OI now at 2.54 cr)
• Nifty open interest put-call ratio is at 1.26.
• 4800 puts had open interest of 31 lacs (+24%) and 5100 calls had open interest of 36 lacs (+141%), so4800 and 5100 will be important levels to watch for.
• India VIX closed at 28.3, increased by 14% suggests instability. (Bearish)
• In Nifty stocks, advance-decline ratio is 6/43. (Bearish)
