We have witnessed buying through out the month of January.
The indicators like RSI, StockRSI, William indicates over-bought zone.
But, still the buying expected to continue till the expiry at least.
Today morning, the USDINR in US is trading at 50.07. Yesterday, it made a low of 49.84.
However, the Open Interest of 69 lacs in the Call Option of 5100 suggests hurdle at 5100.
But, looking at the strong buying positions in Nifty, it seems during the day, we will see unwinding of OI in 5100 CE and more writing of 5100 PE.
A Nifty trader can create long in range of 5038 - 52 with a stoploss of 5029 for a target of 5100 / 5132.
Sheetalpuri Goswami
+919879028295
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