|Nifty Option Data of July Series as of 23-Jul-12|
The PE 5200 option has seen highest unwinding of postions today followed by 5300 and 5400 PE strike. It may be viewed as bullish as PUT writers are squaring off their positions in anticipation of market bottoming out as it approaches its 5050-5080 demand zone. Nifty closed today at 5117 another 40 more points on the downside and we might be good to go long. Wait and watch for bears to lose their grip in the 5050-5080 region and remain alert to BUY.
TRADE ALERT: DO NOT SHORT NIFTY.... BEST BUY in 5050-5080 region.