On Monday Nifty was dull with trading range of 50 odd points with lower volumes.Is this the lull before the storm.Nifty needs to cross 5114 soon to gather the momentum on upside or break 4888 on the downside to gather momentum on the downside.An observation at the end of the day in puts of nifty for the 5200 strike
Strike Bid Qty Bid Price Offer Price Offer Qty Vol Net Chng LTP Chng in OI OI
5200 300 182.85 184.95 400 33,123 28.55 182.85 -531,850 1,749,400
It has lost open interest of 5,31,850 i.e. 531850/1749400(29.83 %).Is the market expecting to break this level is to be observed.
Levels to watch for intraday on Spot Nifty :No trading zone between 5014 to 5050 to avoid whipsaws.
Buy above 5050 with SL of 5035 for targets of 5067 - 5085 - 5103- 5121
Sell below 5014 with SL of 5029 for targets of 4997 - 4979 - 4961- 4944
Happy Trading !
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