16th Nov 11(Wed) Nifty Option Chain

Hi Traders,

Today , Nifty opened weak around 5040 and gradually moved down to 4990 around 10.30 a.m. Recovered gradually and see sawed between 5000 and 5020 till afternoon. After Europe market opened , around 1.30, Nifty Dropped initially and made a dash to 5050 level. There was a sudden drop to, make a guess !, to 4990 and recovered in the same breath and spurted to 5060 level by the end. Quite a demo of whipsawing Volatility.

here is Nifty Option Chain on 16th Nov 11(Wed). There is no reduction in the OI at 5000 Put and also there is considerable addtion ,about 19 lakhs, at 5000 Call. Guess , interesting tussle on hand for next few sessions. My take is 5000 may be support for next few sessions.Let us see.