Hi Traders,
Today , Nifty Started around 5030 and came down to touch 5000 in the morning session. Bounced back once to 5035 level but sold into. Oscillated between 5000 to 5020 till afternoon. After Europe Markets opened, started drifting down to 5000 and around 2 clock, 5000 was decisively broken. within few blinks the Nifty was at 4970 level. without any recovery went on to broke 4950 and touched low around 4920.Finally closed around 4930.
here is Nifty Option Chain on 17th Nov 11(Thurs).You would notice there is considerable reduction in OI at 5000 Put which was considered as good support. with today's break below 5000, i think, the sentiment has turned negative at least for the remainder of series. There is build up of OI in 5100, 5000 ,4900 calls and 4900 Put has seen considerable OI addition. with the benefit of hindsight, we can say, market participants taking a bearish view of the market. writing calls and buying puts without much hesitation or fear.
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