Intrestingly higher open interest among the option series is seen on 5000PE Nov Series with almost 8 lakh nifty option contracts kept open. which indicates that option writers are more bullish that nifty will hold above 5000 level for the current option series. Also on the daily charts it is been observed that most of the shorter term technical indicators are oversold. RSI(2) is less than 2 and CCi-4 and ultimate oscialltor(2,4,6) indicators are heavily oversold with values -256 and 14.96 repectively. Also Nifty is trading very close to weekly support as mentioned in the last post. One can Expect early bounce from this level and the first level of target comes around 5137 i.e 5EMA-Low
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