TECHNICAL CUES-------
• SGX Nifty is trading around 5225.
• Nifty made high and low of 5222 and 5169 on last trading day.
• Last swing bottom is at 5160.
• Trading above 5213, up move will be seen up to 5230, 5245, 5260.
• Below 5190, correction will be seen up to 5180, 5170, 5160.
• In the medium term, Nifty is in uptrend with targets of 5240, 5360. The uptrend will ‘terminate’ below 4944.
• In the short term, Nifty is now in uptrend with targets of 5230, 5255, 5315. The uptrend will ‘terminate’ below 5160.
DERIVATIVE CUES----
• Nifty January future premium increased to 14 points so cost of carry increased. (Bullish)
• Nifty open interest decreased by 74 lacs suggests short covering. (Total OI now at 2.25 cr)
• Nifty open interest put-call ratio is at 1.22.
• 5000 puts had open interest of 38 lacs (+18%) and 5300 calls had open interest of 27 lacs (+52%), so 5000 and 5300 will be important levels to watch for.
• India VIX closed at 23.34, decreased by 5% suggests stability. (Bullish)
• In Nifty stocks, advance-decline ratio is 35/15. (Bullish)
