Nifty Hourly Charts
Nifty and Bank Nifty februrary future on the hourly charts turned to positional sell mode yesterday and currently the resistance zone comes near 6092 and 10370 respectively. Revese your position to positional longs only if the resistance breaks on the hourly charts.
Nifty Options Open Interest Lookup
Nifty Options Open Interest at 6000PE is still at strongest figures and at the highest even touched the 1 crore mark yesterday though market is moving in the reverse downward direction. One have to closely monitor the 6000PE Open Interest action to get further cues on the direction. Unwinding in 6000PE could lead to more downside in nifty. It should be noted that 6000PE writers are building huge open interest right from the start of the februrary series