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Market touched record highs but still there is lots of outstanding short position in Nifty and Index calls. We can expect another round of short covering in the expiry week. As per current derivative data, Nifty can move towards 10,300.
The market undertone remained bullish with the support of consistent FIIs buying and short covering. The derivative data indicates bullish scenario to continue.
The Nifty has multiple strong supports at lower levels. Various supports are placed at 10,050 and 10,100, 10,150, and 10,200 spot levels. We are likely to see short covering on every dip.
The Nifty50 was moving up with a decent addition in open interest which is an indication of strength in the current trend. Option writers were active in the recent rally.
We have seen put writing in 10,000, 10,100, 10,200 puts and unwinding in calls. October series derivative data is stronger than September series as we have been continuously seeing open interest addition post-expiry.
On the technical front, 10,150-10,190 spot levels are in a strong support zone and the current trend is likely to continue towards 10,300-10,350 in the expiry week.
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