As expected Nifty reversed from 6008 level and closed 54 points up at 6074. As per option open interest data nifty 6000 put open interest added 2234450 contracts and 6000 call decreased by 524700 contracts from open interest. Nifty 6100 put added 843600 contracts from open interest and 6100 call decreased by 1274650 contracts from open interest. 6100 put OI decreased more than 6100 OI numbers indicating that 6100 call writers exited from their position and if 6100 put aslo seen writing in todays session then expect a move above 6100 otherwise nifty may face resistance once again and may be volatile around this zone. Most of TV analyst wer talking about the negative sentiment and were talking about that nifty will fall towards 5800. Now every TOM, DIC and HARRY have changed their views by seeing the up move in nifty. It will fall but some more move we may see on nifty around this zone or above this zone.
I have also written in my previous post that only by seeing on negative divergence on RSI we can't say that trend has reversed. A rising trend line indicating a move till 6165 on nifty daily chart.
I had recommended M&M and L&T both stock has jumped from recommended level.
Volatility will continue in our market. 6097 and 6111 is resistance for todays level. 6051 and 6037 will act as support for nifty for todays session.
