Hi,
Today, Nifty Opened above 4750 around 4763 but could not sustain.Came below 4750 to 4730 where it got support. Moved between 4730 to 4750 till the afternoon . moved up in the afternoon session and came close to the day's high of 4760 around 1.30. Selling pressure ensued and Nifty came below 4730 and kept making new lows till 4695 in a choppy trade .In the last half an hour made a recovery and closed above 4700 around 4715. whether this is profit booking or selling pressure will continue remains to be seen.
Here is Nifty Option Chain of 23rd Dec 11(Fri).
4700 Puts saw good addition of OI and 4800 call, 4900 call has seen good addition of OI.Based on this data , Nifty movement in the range of 4700 to 4800 expected.Next week is settlement week.It is highly probable Nifty would be volatile.
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