Hi Traders,
Today, Nifty Opened above 5300 but could not sustain and came to 5290 levels. About 2 hours into the session, Moody came out with negative outlook report on the Indian banking sector. Nifty See sawed between 5270-5290 till afternoon. SBI results were out in the afternoon and were not taken well by the market. Europe markets were in red and US market Futures were in negative. I guess all this proved too heavy for the market to defend the recent support of 5250. It slided very effortlessly to 5215 levels till the end and closed around 5220 level.
here is Nifty Option Chain on 09th Nov 11(Wed).
5300 call saw good build up. 5400 call has highest OI. Unless things improve dramatically, 5300-5400 range would be resistance zone for the market. 5000 Put saw about 10 lakh OI Build up. 5200 has proved to be good support so far in this series. As i write this, Asian Markets closed with deep cuts but Europe markets are holding up(3.30 p.m , 10th Nov). SGX nifty is around 5150 levels. global cues would affect Nifty opening tomorrow. If Nifty were to close below 5200 level, it may be prudent to lighten bullish positions without carrying over the weekend.
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