ON THE BACK OF POSITIVE CUES FROM GLOBAL MARKETS NIFTY OPENED GAP UP BUT FAILED TO CAPITALIZE ON THE SAME. DURING LAST HOUR IT SLIPPED BELOW 5860 BUT RECOVERED QUICKLY AND CLOSED AT 5878. NIFTY IS CLOSING BELOW 5900 MARK FOR THE LAST 2 SESSIONS BUT STILL 5900 PE IS HAVING HIGHEST OPEN INTEREST OF 66.63 LAC WHICH IS QUITE SURPRISING. 5800 PE IS HAVING OI OF 64.3 LAC. TOTAL OI AT 6000 CE AND 6000 PE IS 60.68 LAC AND 35.24 LAC. SO BULLS HAVE GRADUALLY LOST GRIP ON 6000 MARK BUT STILL TRYING TO HOLD 5900 MARK. VIX ROSE BY 4.38% AND CLOSED ABOVE 18 MARK. HOWEVER WE THINK RISE IN VIX IS MORE ATTRIBUTABLE TO THE MAJOR EVENTS AHEAD IN THIS WEEK AND RBI POLICY ON 17TH JUNE. CONSIDERING THE CURRENT SCENARIO WE ARE OF THE OPINION THAT THOUGH THE MAJOR TREND IS DOWN TECHNICAL BOUNCE BACK FROM HERE CAN'T BE RULED OUT.
SUPPORT 5860-5840
RESISTANCE 5935-5980
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