Hello,
Despite the strong close on Friday in the US markets, our markets after opening strong went down throughout the day to finally close the day essentially flat. Our markets seem pretty weak now with both the short term and medium term trend having turned weak.
A confirmation of weakness shall be available once Nifty breaks down below the 5350 level which is the lower pivot level of the current range. As indicated, we have on the short term broken down below a rising channel providing us with a immediate target of 5190.
PCR ratio for yesterday was 1.43 with maximum activity on Nifty 5400 PE and Nifty 5500CE. Maximum open interest comes in at 5400 PE and 5600 PE and hence a breakdown below 5400 should also see a shift of the 5400 position as it can be a support otherwise.
Regards
Prashanth
Mythri Stocks & Shares Pvt Ltd.,
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