Bulls had to retreat fast from 10730 level since bears have built a strong resistance at 11000 Call strike --highest OI position. Nifty is making a Megaphone pattern which might take support at around 10000-- the previous low. This view is corroborated by OI Table. OI Table also gives some indication that there will be some range-bound movement with negative bias.
Forget about 11000, bulls will have tough time moving Nifty above 10600 resistance built by bears. Bears are firmly standing guard of 10500, 10600, 10700 levels with increased Call OI positions. At the same time, bulls have weak position built at 10000 Puts strike. In fact recently bulls are focusing at 90500 Put Strike level. So if support of 10200 is broken, bears can easily push Nifty towards 10000. Bears may halt at this low level since then some major indicators may develop Positive Divergence.
On 19th Oct FIIs, Pro and DIIs have created huge short positions (-279345 net OI) whereas CLI (retailers) have created long OI position to the tune of 297449. So retailers are losing money.
Except FMCG, all segments are in red.
Crude has finished its correction and taking support at 200 DMA.
Forget about 11000, bulls will have tough time moving Nifty above 10600 resistance built by bears. Bears are firmly standing guard of 10500, 10600, 10700 levels with increased Call OI positions. At the same time, bulls have weak position built at 10000 Puts strike. In fact recently bulls are focusing at 90500 Put Strike level. So if support of 10200 is broken, bears can easily push Nifty towards 10000. Bears may halt at this low level since then some major indicators may develop Positive Divergence.
On 19th Oct FIIs, Pro and DIIs have created huge short positions (-279345 net OI) whereas CLI (retailers) have created long OI position to the tune of 297449. So retailers are losing money.
Except FMCG, all segments are in red.
Crude has finished its correction and taking support at 200 DMA.