2nd doji in a row on nifty and that too an inside day. Nifty is finding sellers at higher levels and also is finding buyers at lower levels; the question is whether the buyers are retail or the big players.
Coming to the OI picture call writing continues to happen with 4500 calls having 28 lac open positions. Also the 4600 and 4700 calls have more than 20 lacs in open positions. while put have significant open positions at 4500 and then at 4300. Nifty looks like ato be in a consolidation mode once again but the difference between this consolidation and the earlier consolidations is that the earlier consolidations were supported by put writings and this one is not supported that vigorous put writing. So may be time to be a bit cautious at higher levels,a nd longs can be avoided for sometime below 4450.
Personal view is that a move below 4450-4400 is due in next few days as long as 4620-4650 is not crossed. But at the same time I dnt think that there will be a heavy correction as nifty will find buyes at 4300-4200 levels.