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Nifty For Tomorrow

The Nifty Index closed in the red territory below its 6000 mark at 5984.40. On the derivatives front we have seen that the Nifty Futures prices ended in red but witnessed rise in the cost of carry and added open interest, this is an indication of longs being built at lower levels. On the options front we have seen that the OI PCR and Volume PCR have shown a rise, this is mainly on account of addition of open interest on the puts front. The Indian Volatility Index (VIX) has shown a decline of one percent indicating buying emerging at lower levels. Nifty future saw sharp down fall in last trading session. It was not able to sustain at higher levels. One should adopt the strategy of sell at higher levels. From few trading session Nifty is moving under range of 10 days and 50 days Moving Average.

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RESISTANCE: It has first resistance close to the level of 6040 & above this level the next resistance is seen near the 6093 mark.
SUPPORT: It has first support close to the level of 5945 & below this level the next support is seen near 5900 mark.

Stock Option Tomorrow

On the call options front we have seen addition of open interest at strike price of 6000 and 6100. On the put options front we have seen addition of open interest at strike price of 5900 and 6100, nominal shredding of open interest was witnessed at strike price of 5800.

OI Chart Analysis: From the OI Chart we can see that in December Series maximum addition of open interest on the calls front is existent at strike price of 6000-6100 band indicating it as Resistance on the upside whereas on the put options front addition of open interest is seen at strike price of 590 indicating it as the immediate support on the downside.

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