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Nifty playing in 150 point range since last 2 weeks and it is now almost gave a confirmation that Option writers won’t let Nifty close beyond 5200 at any cost. As you observe in the Nifty Options Open Interest Chart below that 5200CE being the highest written which is yet to be covered by the great Option writers. Huge change in 5200 puts as well indicating that writers will decide Nifty to close between 5100 and 5200 most probably. It can also be 5050-5100 closing for this series. Overall, I can say again its the Option writers who win the game as usual.  It is also natural for the retailers to bow before these great Option writers without a minute of doubt.

In the next series, Nifty should come out of the box as indicated in the Hourly chart below. Either it should break 5000 or 5190 closing basis. Otherwise no wonder that November series will also belong purely to the Option writers. But Diwali ahead and hopefully we can expect the unexpected fire crackers.

Nifty Hourly Chart:

 

Nifty Daily Chart:

 

Nifty Options Open Interest:

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