NIFTY

THE 15 min chart as well as the half hourly charts show a pennant formation after a sharp rally, which also suggests that the up move mostly probably should resume shortly. However it will require considerable effort from the bull as the pennant has formed exactly near to the 4500 area. The momentum line is also at a crucial point as seen from the chart.
On the OI front 4300 calls shed OI along with addition of OI in 4300 puts which now has over 50 lacs open positions thus suggesting strong supports at 4300, at the same time 4500 calls also have significant OI thus suggesting that until expiry nifty will most probably in the range of 4300 to 4500.