AFTER A SHARP RALLY DURING RECENT PAST NIFTY WITNESSED MAJOR CORRECTION TODAY AND WAS DOWN BY MORE THAN 2%. WE WERE QUITE BULLISH ON THE MARKETS BUT SUDDENLY THE DYNAMICS CHANGED. NOW ALMOST EQUAL OI IS BUILT UP AT 6000 PE AND 6000 CE. 5900 PE IS HAVING OI OF 66.6 LAC WITH LIQUIDATION OF 5.46 LAC. OI AT 5700 AND 5800 PE IS 89.47 LAC AND 86.5 LAC. HIGHEST OI BUILT AT 6000 CE OF 14.44 LAC. 5900 CE IS HAVING OI OF 30.87 LAC. VIX ROSE BY 4% AND CLOSED ABOVE 17 MARK. SO BEARS GAVE A BIG PUNCH TODAY AND TIGHTENED THEIR GRIP AT 6000 MARK. 5800 IS STILL A STRONG SUPPORT.
WE EXPECT A CONSOLIDATION MAY HAPPEN IN A RANGE OF 5850-6050 BEFORE ANY DIRECTIONAL MOVE.
SUPPORT 5960-5930
RESISTANCE 6025-6045
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