Hi,
Today , Nifty Opened gap up around 4630 and dropped close 4600 in the morning.But did not break the 4600 and Went up to 4630 levels in the afternoon session and stayed around those levels till 2 clock or so Around 2.45 dropped to 4610 level but rocked from there to above 4700 level and close at day's high 4704.
here is Nifty Option Chain of 21st Dec 11(Wed).
4600 Calls have seen Good amount of reduction in OI. On day, when Nifty has ended on bullish note,easy to assume it call buyers are booking profit and call writers are covering their shorts.Also, 4600 , 4700 Puts have seen good OI build up. I think put writers are confident that this bullish momentum would continue for some more time.
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