ON A DAILY CHART NIFTY HELD 5670 LEVEL ON A CLOSING BASIS AND FOUND SUPPORT AROUND ITS UPTREND LINE. THERE IS NO DOUBT THE PREVAILING TREND OF THE NIFTY IS DOWN BUT WHAT MADE US STILL MODERATED BULLISH ON THE INDEX IS THE DATA SUGGESTED BY DERIVATIVES CHAIN AS 5700 PE IS STILL HAVING OI OF 62.48 LAC WHEREAS 5700 CE IS HAVING OI OF 29.85 LAC. TOTAL OI AT 5800 CE AND 5800 PE IS 43.43 LAC AND 38.64 LAC. OI AT 5900 CE IS 49.41 LAC. VIX CLOSED ABOVE 20. SO STILL IT SEEMS THAT 5700 IS NOT BROKEN CONVINCINGLY AND 5800 SEEMS TO BE VULNERABLE. ON THE DOWN SIDE NIFTY HAS A VERY STRONG SUPPORT AT 5630 LEVEL WHICH ONCE BROKEN WE WOULD ADVISE TO EXIT OUR BULL SPREAD STRATEGY GIVEN EARLIER. ON THE UPPER SIDE 5770-5815 IS GOING TO ACT AS RESISTANCE.
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