Quick Summary:1. Lets look at what is happening in the range 5400-5550. 5400PE/5400PE together have added 47L (34L+13L) of OI. Whereas 5400CE/5500CE together have added 15L (4L+11L) of OI. So bias is strongly on the upside - with ratio of puts vs calls in the 5400-5500 range = 3:1.
2. Almost 1Cr of OI at 5300PE puts a strong support for this market. Even 5400PE has an OI of 81L which provides immediate support.
A shot at 5500+ can't be ruled out this week if Global cues are good. Even if Global cues are bad it would be difficult to see the market going down below 5300.
Nifty Futures:
3.09Cr OI down 1.8%
Banknifty Futures:
30.3L OI up .028% -- Open Interest was up 11% in the first 2 days of the week and after that some profit booking was seen on 4th Aug. Last two days momentum has slowed down/reversed.
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