The nifty fibo ratios are shown in the chart after taking into the rise from 2530 to 4700.38.2% retracement comes at 3875-3861.Now if these ratios are taken into consideration with OI data then things become interesting, the 4000, 3900, 3800 puts heave very good OI as follows 44 lac, 32 lacs and then 45 lacs respectively and these open positions are significant. Compared to the puts the 4100-4200-4300 calls though having good OI are no where near to those of the puts from 400-3800.So there is strong supports at 3900-3800 levels and then resistance at 4000-4100. However the the problem with the support at 3875 is that it’s supported only by the fibo ratio and by the OI in puts, and no volume support.
So the levels to watch are 3875 on the downside and 4060(5DMA) and 4166 on the upside.
BTW Rcom after going below 260 did go to 235 :)
and orchid didnt hold 86 :(
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