07th Dec 11(Wed) Nifty Option Chain

Hi,

Today, Nifty broke out of recent range but closed near yesterday's close.around 5045. last half hour average is 5062. it opened around 5050 and very briefly went to 5040 level and then made a steady incline to 5090 level in the first hour itself. During the day, it has come to 5060 level but recovered to 5090.however by the end the momentum was not sustained .As mentioned above,closed around 5045.

here is Nifty Option Chain of 07th Dec 11(Wed). There is OI Build up in the 4800, 4900, 5000, 5100 puts and in the 5000, 5100, 5200,5300 calls. Looks like , option traders are expecting big moves in the market after the Dec 09th Euro Summit and making strategies involving straddles/Strangles.