CONSIDERING THE OVERSOLD POSITION IN INDEX MAJORS AND THE FACT THAT NIFTY WAS HOLDING 5860 ON CLOSING BASIS WE EXPECTED A TECHNICAL BOUNCE BACK TODAY BUT NIFTY OPENED GAP DOWN AND TRADED WITH NEGATIVE BIAS THROUGH OUT THE DAY MAINLY DUE TO THE WEAKENING RUPEE. HEAVY LIQUIDATION SEEN IN 5900 PE AND HUGE OPEN INTEREST BUILT UP AT 5800 CE. SO AFTER LOSING 6000 LEVELS BULLS WERE UNABLE TO HOLD 5900 MARK. TOTAL OI AT 5800 PE IS 63.42 LAC AND OI AT 5700 PE IS 65.12 LAC. TOTAL OI AT 5900 CE IS 52.34 LAC. VIX ROSE BY 7.6% AND CLOSED ABOVE 19 MARK. SO MARKETS ARE EXPECTED TO BE HIGHLY VOLATILE AHEAD AND TRADERS ARE ADVISED TO AVOID OVER LEVERAGING POSITION OVERNIGHT.
SUPPORT 5740-5725
RESISTANCE 5815-5840
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