Nifty may retest resistance at 6030-6090
Nifty PCR_OI moves up 1.19, with 5900 PE on Tuesday saw maximum addition i.e. 11.29 lakh shares (with total OI 77 lakh shares), PCR _OI 2.51 Vs. 1,48, On other hand 6000 CE add 1.6 lakh shares total OI with 61 lakh shares PCR_OI at 1.12, clearly implying expected range for Nifty for next week at 5850-6090.
India VIX corrected by 2 percent at 17.13 well above 16.5 levels, we have to watch for if sustains above 17-17.5 and moves above 18 levels, may lead to higher uncertainty and Nifty may have to retest strong support at lower levels at 5850-5930 levels.
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FIIs turned buyers in Nifty Fut. Rs 324 Cr. (post one day selling, they turn buyers, fresh longs, last one week bought 3737 Cr.); continue to be buyers for 5th day in a row in MAY series Index Options 273 Cr (hedging continues as VIX is refusing to calm down, quantum however is coming down, implying FIIs expect volatility not to move up in same speed from current levels), stock futures continue to be sellers 178 Cr; buying continues in cash with momentum improving slightly 421 Cr., with long formed in Nifty, along with Cash buying momentum improving , Nifty may retest stiff resistance at higher levels 6040-6090 levels .
Over all CE writers continue to form aggressive positions, Index will find resistance 6030-6090 levels.
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