Nifty (January) futures trading at premium with increase in open interest by 2.6% which implies long built at current levels. Today’s was the first trading session where more activity was seen in put options as compared to call at overall level. At overall level, ~23 lacs shares of open interest was shed with fresh writing of ~17 lacs of shares in put which gives indication of market to continue its positive momentum. However, momentum may exhaust near to 6,000-6,050 on back of resistance seen by two ways: a) near term resistance and b) less put activity. So, the strategy to be adopted by traders should sell at resistance level, closer 6,000.
India VIX (Inverse relationship between Nifty and Indian VIX)
· Volatility for 12th January, 2011 close at 21.4 which is 4.1% lower as compared to previous close, after touching an intraday high of 23.8 and low of 20.4
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