FIIs bought index future worth rs.185.98 crores and open interest 0.97% indicating fresh long has made into the system. Nifty 5100 put added 845850 shares and 5100 call added 83950 shares in open interest. 5200 put added 527800 shares in open interest and 5200 call added 247500 shares in open interest. still no unwinding seen in 5200 call. market closed 16.70 points up still 5200 call are being written, but 5200 put added also huge open interest. 5300 call added 1745350 shares in open interest with highest open interest in call side at 8081750. Highest open interest shifted to 5300. Are FIIs long with hedging in 5200 call. Today situation has been changed, the open interest has increased with trend and premium of shares has also increased, indicating clearly bull move for next day.
As per EOD charts nifty has given two continuous closing above 50 SMA indicating bull move. 50 SMA has crossed 200 SMA which form death cross on chart. Will this death cross proved as only for sign this time or it will show its power in near term. Nifty June Put call ratio is at 1.62 and July put call ratio is at 1.66 and india vix is at 21.03. These two data is indicating that upside is limited and reversal in trend is very soon, any singal bad news terminate the upmove. As per my trading psychology one more day up move is possible. But 5150-5160 will create resistance for Nifty. Reversal is expected from that level according to Elliot wave if my count is true. Count will be invalid above 5190. Watch 5150-5160 level carefully, crossing and sustaining above this level with volume bull may take this rally up to 5190 level.
