NIFTY DAILY

Nifty daily charts The fibo ratios from the high of 4690 to the recent lows of 3900 odd levels show 4400 to be 61.8% retracement, so nifty will find resistance at 4400; next resistance comes at 4500 on the daily charts. On the dailys the supports are at 4309 then at 4200 and then at 4160.Even the RSI line is at crucial point as marked in the blue circle, also notice the narrow band in which he accumulation distribution line is moving.
On the OI front the 4300 calls have shed OI and now have less OI than the 4300 puts suggesting support at 4300 levels. The puts right from 3800 to 4300 have OI above 45 lacs with 4000 puts having a huge OI of 71 lacs suggesting that at least in July the chances of nifty breaking down below 4000 is getting diminished and at the same time the upside is relatively open once 4500 is crossed
The nifty futures shed OI in minute quantity suggesting that some profit booking as well as closing of shorts has taken place on Friday.