To accommodate the yesterday's rise, the Nifty opened marginally on the positive note & remained sideways throughout the session with flat closing in the end. Most of the index majors were in consolidation mode with some stock specific move in the Midcap & Small cap front.
As we have mentioned that index will consolidate for next couple of sessions prior to the next breakout above 5200 levels & it did the same in Wednesday's trade.
Accordingly, it may trigger profit taking in the next session so one should keep strict stop losses & wait for the breakout above 5200 levels for fresh buying.
SENTIMENT INDICATOR
PCR (Put Call Ratio) of index options is at 1.29 last trading session's 1.47. PCR of Stock options is at 0.31 last trading session's 0.31. PCR of total F&O is at 1.19 last trading session's 1.36. The implied volatility has increased to 22.93 from last trading session's 22.37.