TECHNICAL CUES-------
• MSCI India Index ETN (INP) closed at 58.11 (+0.4%)
• SGX Nifty was trading around 4770.
• Nifty made high and low of 4836 and 4765 on last trading day.
• Last swing bottom is at 4538 and swing top is at 5055.
• Trading above 4836, up move will continue up to 4860, 4880.
• Below 4765, correction will be seen up to 4730, 4700.
• 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.
DERIVATIVE CUES----
• Nifty November future premium converted in to discount of 6 points so cost of carry decreased. (Bearish)
• Nifty open interest decreased by 5 lacs suggests long unwinding. (Total OI now at 2.83 cr)
• Nifty calls added 10 lacs and puts added 15 lacs in open interest. (Bullish)
• Nifty open interest put-call ratio is at 1.28.
• 4600 puts had open interest of 58 lacs (+18%) and 4900 calls had open interest of 42 lacs (+10%), so 4600 and 4900 will be important levels to watch for.
• India VIX closed at 29.04, decreased by 2% suggests stability. (Bullish)
• In Nifty stocks, advance-decline ratio is at 32/18. (Bullish)
2 comments:
FIIs have covered their shorts.if discount turns into even little premium balance may be restored followed by cleaning of shorts .as market wide position limit is not very high shorters may continue with their game.so your judgement is correct chances of correction are more but it may not be severe and nifty 4700 many takers are there to cover shorts or create long positions.
good morning sir
thanx very much for starting this commentary again on your blog,
pls keep it regularly updated ,
it helps a lot.
-kalpen.
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