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Nifty Index Update

|Includes: iShares S&P India Nifty Fifty Index ETF (INDY)
  • CE Option selling seen at 5300 level and buying seen in 5200 CE option.
  • Fresh Put selling seen at 5000 and heavy concentration of Puts at 5000 indicates it to be a good support area.
  • Nifty futures : Huge uncovered gap seen between 5210 to 5337.
  • Nifty futures open interest has come down from yesterdays level by 1063300 contracts indicating short covering.

Conclusion: Short term bottom has been made around 5000 and rally can be expected above 5200. However the rally is expected to fizzle out between 5200-5300.