Again volume was greater than yesterday in future segment. Bulls protected 5550 level and closed above its ten days falling trend line resistance. Another resistance is around gap area around 5662- 5673, sustaining above this level will give express rally, which is clearly visible on hourly chart. Nifty 5600 put added 1,861,850 shares in open interest, seems that 5600 level is ready to give support nifty for next session. Nifty future open interest decreased by 161050 contracts from November series and added 400250 contracts in December series. As nifty Future is up by 38 points of Dec series and fresh contracts added in OI indicating that Smart Money are buying nifty of Dec series. Put call ratio has risen from 0.98 to 1.03 giving bullish signal for days ahead. Nifty 5500 put open interest standing highest no at 8921050 contracts, so expect that 5500 level is not going to break any how in Nov series.
As per Nifty EOD chart bullish green candle stick pattern has formed with rising RSI and slow stochastic indicators giving bullish signal for days ahead. Current support for swing and very short term and intraday traders will be at 5601. Now nifty has turned into buy on dips formula for short term traders, I repeat buy on dips for short term traders. for long term investors nifty is in sell on rise mode.
Good luck.
