Positive start to the day aided by positive global cues; OI in Nifty futures surged to 36 million today [indicating a lot of roll-overs on both long/short side IMHO considering relative intactness in futures premium] These volumes are good to sustain current prices and on the other hand, bring in some retracement of the rise as well.
Despite all major index makers in green/flat territory, VIX surged to 26 [seems like an aberration]
Critical levels and outlook remain unchanged;
For upside, 5608-5655-5690 will be critical resistances on closing basis; the volume concern expressed last week has been resolved today; 2 days to go for expiry and as mentioned on Friday as well, I stand corrected with the term 'bearish'; we may see some profit booking and perhaps some crushing of OTM Calls written
[We have had only 1 meaningful correction session in 2012 so far and Put Writers have been milking out the bears!!]
As far as bears are concerned, 5532 and 5408 are the 2 crucial levels; once 5532 is breached on closing basis to the downside, a retest of 5408 will be on the cards;
5177-5196 band expected to hold out on closing basis until 29th Feb '12.
Despite all major index makers in green/flat territory, VIX surged to 26 [seems like an aberration]
Critical levels and outlook remain unchanged;
For upside, 5608-5655-5690 will be critical resistances on closing basis; the volume concern expressed last week has been resolved today; 2 days to go for expiry and as mentioned on Friday as well, I stand corrected with the term 'bearish'; we may see some profit booking and perhaps some crushing of OTM Calls written
[We have had only 1 meaningful correction session in 2012 so far and Put Writers have been milking out the bears!!]
As far as bears are concerned, 5532 and 5408 are the 2 crucial levels; once 5532 is breached on closing basis to the downside, a retest of 5408 will be on the cards;
5177-5196 band expected to hold out on closing basis until 29th Feb '12.
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