Here’s a look at the Open interest table at the close of yesterday’s action in the Nifty ( 11th jan 2010)
The tussle between strikes 5200 & 5300 between the call writers and put writers has been on now for over a week resulting in the index moving in a small range for these past few days.
Around 5 million approx in OI at these strikes, a resolution to the impasse can lead to a quick 100 point move in the index within a day. The question remains- which direction?
The larger range for the January series remains 5300-5000.The OI at 5300 has been steadily building up and remains a formidable resistance for the bulls to overcome.
The bias is for a small smart move to the downside to pick up the momentum
