TECHNICAL CUES-------
• SGX Nifty is trading around 5238.
• Nifty made high and low of 5287 and 5228 on last trading day.
• Last swing bottom is at 5228 and swing top is at 5311.
• Trading above 5255, up move will be seen up to 5275, 5290, 5310.
• Below 5238, correction will be seen up to 5220, 5210, 5190.
• In the medium term, Nifty is in uptrend with targets of 5240(achieved), 5360. The uptrend will ‘terminate’ below 5160.
• In the short term, Nifty is in uptrend with targets of 5230(achieved), 5255(achieved), 5315(almost achieved). The uptrend will ‘terminate’ below 5228.
• In the immediate term, Nifty is in corrective down move with targets of 5235(achieved), 5210, 5190.
DERIVATIVE CUES----
• Nifty January future premium increased to 6 points so cost of carry increased. (Bullish)
• Nifty open interest increased by 10 lacs suggests long addition. (Total OI now at 2.62 cr)
• Nifty calls added 12 lacs and puts added 7 lacs in open interest. (Bearish)
• Nifty open interest put-call ratio is at 1.22.
• 5200 puts had open interest of 49 lacs (+8%) and 5300 calls had open interest of 52 lacs (+9%), so 5200 and 5300 will be important levels to watch for.
• India VIX closed at 22.68, increased by 0.5% suggests instability. (Bearish)
• In Nifty stocks, advance-decline ratio is 30/19. (Bullish)
Link for Nifty Future 60 minute chart added in the intraday chart section.
