NIFTY TECHNICALS....

Observation :-

1) NIFTY FUT OI up 14.05%, NIFTY FUT down 4.99% last week.
2) Out of NIFTY 50 Stocks 41 are closed in RED, 7 flat and 2 up.
3) OI of NIFTY 4700 CE is up 1764% prices down 68%, NIFTY 4800
CE OI up 150% prices down 74% last week.
4) OI of NIFTY 4400 PE is up 1031% prices up 110%. NIFTY 4500
PE is up 217% prices up 107% and NIFTY 4800 PE down 45% prices up
99%.
5) Volume of NIFTY 4700 CE was 95824 contracts and volumes of
NIFTY 4500 PE was 95307 contracts on last Friday. Highest single day
volumes in any strike price.
6) FII OI in INDEX FUT is 865069 contracts up by 83042
contracts last week.

Conclusion :-

FII still going short in NIFTY FUT. Aggressive CALL writing
seen in NIFTY 4700 CE and aggressive PUT buying seen in NIFTY 4500
PE on last Fridays Trade. Selling remains Broad based last week. I
expect NIFTY SPOT will break Jan 2008 lows easily. NIFTY SPOT minor
Support near 4530-40 levels, Break below 4510 levels, next Target
will be 4420-30 levels. On upside NIFTY SPOT will not sustain above
4710 levels.

ROHIT
http://rohitshakti-moneyinthemaking.blogspot.com/