Bears are covering short positions. The stimulus package announced by the Reserve Bank of India (RBI) and the government after friday's trading hours will lead to fresh buying on Monday, and the Nifty may cross the 3,100-mark. The trading data indicate that the Nifty has strong buying support around 3,050 levels, while profit-booking and resistance are seen above 3,080 levels. Above levels, further up move will go up to 3210-20, 3260-70 levels. On profit booking NIFTY SPOT will come down to 3100-3110, 3030-40 levels
WEEKLY NIFTY FUTURE OBSERVATION
- NIFTY FUT up 6.49%, last week.
- Out of NIFTY 50 Stock FUTS, 44 Stock FUTS +ve.
- OI of NIFTY 3000 CE is up 66.67% prices up 77.36%, 3100 CE is up 103.92% prices up 84.74% last week showing call buying.
- OI of NIFTY 2900 PE is up 105.85% prices down 55.62%, 3000 PE is up 91.92% prices down 51.71% last week showing put writing.
- Total OI of JAN series PUTs is up by 69.75 LK to 1.87 CR. JAN series CALLs is up by 60.09 LK to 1.46 CR last week.
NIFTY Put Call Ratio = 0.77
---S2----------S1-----------Pivot ---------R1------------R2---
2991.40------3019.00------3049.45-------3077.05--------3107.45
