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Trend : Volatile
NIFTY FUT total OI up 3.11%, NIFTY FUT down 5.89% last week.
OI of NIFTY 2900 CE, 3000 CE
is up with falling prices showingcall writing. Aggressive call writing seen in NIFTY 3000 CE.
OI of NIFTY 2700 PE, 2800 PE is up with rising prices
showing put buying. I expect any bounce will be short lived
next week. NIFTY spot will face Resistance 2960-70, 3010-20 levels.
Sustain above 3080-90 levels looks very difficult at current situation.
On downside NIFTY SPOT Support 2740-50 levels,
below 2730 levels, next Support 2640-50, 2580-90 levels.
AUTO (4 wheeler)
Trend : Bearish
OI of ASHOKLEY FUT up 10.34%, M&M FUT OI down 3.95%,
MARUTI FUT up 18.53% and TATAMOTORS FUT up 18.30%
with falling prices last week. Fresh short positions build up
seen in ASHOKLEY FUT, MARUTI FUT and TATAMOTORS FUT.
Some pullback expected but fresh shorts will be initiated
again at higher levels. Trend will remain down.
RAVI TARDEJA
17-11-2008