We expect markets to be sideways today. The support for Sensex remains at 17,032/16,899 levels and resistance at 17,254/17,343 levels. Nifty is having support at 5,111/5,069 while resistance is at 5,182/5,211 levels.
With most of the Asian indices trading flat, the Nifty is expected to exhibit a similar move. Most of F&O indicators continue to indicate positive sentiments prevailing. The index has a resistance placed at around the 5,180-5,200 levels. Supports are placed at around the 5,060-5,080 levels,``
Nifty September futures open interest declined to 26.19 million shares from 26.57 million shares. The cost of carry increased to 0.59% from -2.41% (excluding dividend impact), suggesting closure of short positions. We believe any upward movement in the Nifty would trigger further short covering.
Accumulation among Nifty September options continued to accumulate in higher strikes in comparison to maximum concentrated strikes. Nifty September 5,100 put options (cumulative open interest of 3.61 million shares) accumulated close to 0.67 million shares in comparison to closure of 0.11 million shares observed in the maximum concentrated strike of 4,700 (cumulative open interest of 7.63 million shares). Nifty September 5,000 put options (cumulative open interest of 7.24 million shares) accumulated close to 0.55 million shares in open interest.
Among Nifty September call options, maximum accumulation of 0.59 million shares was observed in strike of 5,400 (cumulative open interest of 5.57 million shares) in comparison to 0.01 million addition in maximum concentrated strike of 5,200 (cumulative open interest of 5.67 million shares). Options data clearly indicates an occurrence of an upward shift in accumulation pattern.
The indices have closed at the upper end of the intraday range as the bulls were able to offer support at lower levels during the session. The intraday range specified for the Nifty between the 5175 / 5075 held as the Nifty retraced trended within these levels, thereby validating our intraday counts. The coming session is likely to witness resistance at the 5200 levels on advances. Support is likely at the 5100 levels. The bullish pivot for the session is likely at the 5150 levels above which the Nifty must stay throughout the session. The bearish pivot i
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