Hello,
Nifty once again has stalled at the crucial level of 5540. With the oncoming derivative expiry, markets may remain range-bound for the next couple of days. August Open Interest in Nifty seems to show a solid support at 5500 level and a very strong resistance at 5600. Its unlikely that either of the two levels will be breached in the coming days.
Advances - Declines came in at 831-536 yesterday showing that despite not much movement in Nifty, stocks are starting to move up. This is a pretty good sign of Bullishness since till now much of the moves happened despite breath being negative. PCR ratio of August Nifty Open Interest came in at 2.5 indicating strong bullishness going forward.
Regards
Prashanth
Mythri Stocks & Shares Pvt Ltd.,
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