Last past two days of action could stumbled call writers as there is unwinding in 4800CE,4900CE,5000CE open Interest and put writers overtakes the position which is also reflected in the market sentiment too. But once again Call writers had started their call writing job and had been built up heavy open interest in 5000CE on 17 Feb 2009. Now it looks interesting to track nifty.
Few other observations
1)10 day SMA of trin is in rising mode indicates bearishness
2)Nifty Hangs at 200MA-Hourly-(See Hourly NMA Charts)
3)Still no Buy Signal in NMA Charts(See NMA Daily Charts)
Note : Still now markets are not breaking the supports. Nifty Shorts in futures/min should be initiated only if the minimum criteria satisfies(i.e only if nifty closes below 5EMA(4850)