Nifty opened on a soft note today despite so much negative news but the OI in Nifty futures in the morning session dropped a tad bit to just under 30 million; BNF also managed to hold the 9750-9800 levels in the morning session. Towards the end, the OI in Nifty futures managed to surge a little more to 31.5 million.
Premium on Nifty futes are still healthy so there may be some more upside pending before the larger fall. Interest rate sensitives will continue to remain under pressure and so will banks.
On the other hand, bears can only rejoice when Banknifty closes below 9500 and Nifty manages to break out of the 5032 levels. Volatility is here to stay for a few more days; most western bourses have a round of short-covering pending and the same should reflect on Nifty as well. All crucial levels remain unchanged.
Premium on Nifty futes are still healthy so there may be some more upside pending before the larger fall. Interest rate sensitives will continue to remain under pressure and so will banks.
On the other hand, bears can only rejoice when Banknifty closes below 9500 and Nifty manages to break out of the 5032 levels. Volatility is here to stay for a few more days; most western bourses have a round of short-covering pending and the same should reflect on Nifty as well. All crucial levels remain unchanged.
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