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Last two days’ upsides were challenged by the Bollinger upper band. With oscillators in short term periodicities continuing to be overbought, it may require a pull back before we get back on to the 25500-800 trajectory. Dips to 25255 would be within our expectations, that may be stretched up to 25200, without needing to abandon upswing possibilities, but a drop beyond 25150 could signal re domination of bears.

Nifty weekly contract has highest open interest at 26000 for Calls and 25000 for Puts while monthly contracts have highest open interest at 25000 for Calls and 25000 for Puts. Highest new OI addition was seen at 26500 for Calls and 22400 for Puts in weekly and at 27000 for Calls and 25200 for Puts in monthly contracts. FIIs increased their future index long position holdings by 0.63%, decreased future index shorts by 7.54% and in index options by 22.10% increase in Call longs, 19.97% increase in Call short, 46.95% increase in Put longs and 26.11% increase in Put shorts. 

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