Irish banks have there own problem of debt caused by the housing bubble and similar is the case with portugal. Even EU and IMF are trying for bailout but markets are concerned that the problems might be spread to other peripharel countries.
Nifty Shed 132 points and settled at very crucial support point of 5980 . On the Equity Side we have
On the other Side if we see the options Data where all the action happens moreover most of the action over there is done by FII's.
- Nifty call options added 57.75 lakh shares in open interest whereas put options shed 4.00 lakh shares in open interest.
|Options Data on 16-10-2010|
There is lot CALL Writing happened at 6000 Levels with increase of Open Interest of 27Lakhs meaning it will take RESISTANCE at these levels in coming days and also OI got increased for 6100 and 6200 means in coming days it will be tough to reach those positions.
In the PUT Side we have increase of OI at 5900 with Put Writing seen at 5900 and 5800 coupled with increase in OI expecting market not to go down and Taking a SUPPORT at these levels, though 6000 PUT writing happened many positions were closed as can be seen with decrease in OI of 8 Lakhs,similarly 6100 PUT and 6200 PUT had seen Decrease in OI .That means many PUT Writers closed there positions expecting that market might head south and there by limiting there loses.
Similarly we have seen Lot of CALL Writing at 6100,6200 meaning thatWriters are not expecting to go above in coming days...
Looks like it might Trade in 5900+ to 6100 in coming days