Even POC is not able to support. Now looking for Daily VWAP @59.3 for support. And probably over the next couple of months, the low volume zone of 55-65 would be filled with may be another shot at its April highs of 81-82 could be eventually attempted if Nifty ever makes to new highs!
But it can't just keep falling and the shorts will have to cover somewhere and a bounce should come to give hopes to longs esp around expiry? The targets for bounce could be previous week's VWAP 65.4/VAH 67.6/Monthly VWAP 70.6
OI story: Amazing OI addition during rally! OI almost doubled from 70s to 85/89 and during the tank from 80 to 65, OI has doubled again! Massive shorts in. It almost seems like the during the entire rally, the market makers bought in cash and kept on selling in futures!
NOV OI is now down 21% from its 76 price level with price down to 62 - but rollovers also have been strong with only 5% real OI cut. Existence of so many shorts is good because if we get a strong rally in Nifty based on global cues, this stock will rise very fast - at least to its next resistance levels @73-76.
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