yesterday move was 100% trapping move. As I had written in my previous post that one more day up move was due but Up will come so fast and it will give closing above 5145-50 that was not expected.
FII bought 122.23 crores in nifty future and open interest increased by 4.73% that indicate more longs were made yesterday. Nifty 5200 call added 357900 shares in open interest and 5200 put added 1161200 shares in open interest. Still 5200 No unwinding from 5200 call level indicating that 5200 level will face resistance. Nifty gave three consecutive close above 50 DMA and 200 DMA which is strong bullish indication.
But in current situation I am much worried about that rupees depreciation is continue, IIp data is bad, intertest rate is high, there is nothing change in last 15 days, well what market help to sustain here or go from more higher level from here.
India vix index is below 20 at 19.94. put call ratio is at 1.74. put call ratio is reaching at its extreme level which indicates that market up side is limited and may turn bearish.
As per EOD chart when you will see daily and weekly both you will find that there is no any weakness sign.
As per my trading psychology market will spend more time around this range. Closing below 5090 down move will start.
Need to be alert at current situation Trade reversal is very soon. Trade in limited quantity till Expiry. Situation is uncertain and trend is undecided.