Ø Open Interest of Nifty future decreased by 33.44% with a marginal rise in price by 0.25% from the previous week, indicating short covering of their positions as Put writing at 5600 and 5700 strike was holding the market.
Ø Bank Nifty future has seen also seen short covering as OI decreased by 30.92% with the rise in price by 1.11% from the previous week.
Ø Put Call Ratio based on Open Interest of Nifty moved up from 0.82 to 0.98 levels. If this ratio sustains above psychological 1 level then a bounce back move continue in the market in next coming sessions.
Ø HV (Historical Volatility) of Nifty moved down from 17.08 to 16.06 levels.
Ø Implied Volatility of Nifty also declined from 15.65 to 15.44 levels.
On the Option front, maximum Put OI is at 5600 and 5700 strike, whereas maximum Call OI is at 5700 followed 6000 strike. Even after the market fall maximum Put OI is intact at 5600 and 5700 strike which indicates that this zone is likely to act as a medium term support for the market.
Nifty future has fallen down sharply from 5967 to 5604 levels in last nine trading sessions by making lower lows levels. After such fall a bounce back move may be seen but overall sentiment would remain negative till Nifty future sustains below 5850 levels. If it sustains above 5650 levels then a bounce back move may be seen towards 5770-5850 levels. If it fails to hold 5600 levels then further selling pressure may get intensified towards 5500 levels.
Bank Nifty future also fallen down sharply from higher levels but has taken strong support around psychological 11000 levels and bounced back towards 11375 levels in last two trading sessions. If it sustains above 11200 levels then up move may be seen towards 11500-11700 levels. If it sustains below 11000 levels then it may correct till 10800-10700 levels.
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