Totally direction less trading session since 10 days. Bearish candlestick pattern was formed on Nifty EOD charts. Some time keeping side yourself from market is better opportunity. 5900 and 5500 both level will be touch in coming series, but which level will be touched it is highly confusing.
It seems that market will give a fake up move till 5770-5775 and then it will correct to 5530 or 5450. This is expected wave formation which may form in coming days. Lets see what happen.
Today Nifty 5700 put added 1156850 contracts in open interest and 5700 call decreased 459950 contracts from open interest indicating that 5700 level is ready to perform as base for next session.
Fii bought 8090 contracts of index future worth rs 236.01 crores and open interest increased by 78396 contracts indicating that fresh long position have been created by FIIs. According to open interest data it seems that nifty will take once again support around 5700 area. Put call ratio increased from 1 to 1.03 indicating upmove may happen tomorrow. If Nifty sustain above my earlier projected level 5735 level then we can expect a rally till 5775.
