What the markets did last week ?
Last week the bull run continued and markets made a high of 6037 levels before settling at 6018 for the week, a 2.27% gain over the previous week.
It has been a continuous four week bull run and markets have entered the expiry week on a very strong note.
What does the options data indicate ?
The PCR as on friday was 1.38 indicating further bullish move. Currently option data is seeing an increase in OI in 6100 and 6000 puts with increase seen in 6100 calls.
The PCR as on friday was 1.38 indicating further bullish move. Currently option data is seeing an increase in OI in 6100 and 6000 puts with increase seen in 6100 calls.
What can be expected this week ?
Overall the implied volatility of puts have reduced and are trading lesser when compared to the near strike calls. This points to the fact that markets could reverse from the high levels and move towards 6000 levels sooner and as of now an above 6000 close at around 6014 levels is seen for this expiry this thursday.
Weekly Resistance levels : 6042, 6065, 6102
Weekly Support levels : 6014, 5981, 5946
-Happy Trading
No comments:
Post a Comment