Update on Nifty Spot

Open interest suggests rangebound moves for the remaining part of the month 8200-8550/8600 seems likely. Nifty is quite overbought too.

Nifty Future Data Levels for 3rd Nov, 2014

Nifty Future (Bias - Positive)
-- 8336 / 8357 / 8373-89 / 8404 / 8420-26 / 8437-45++ 

Banknifty Future (Bias - Positive)
--  17051-96  /  17142-67 / 17241-81 / 17335 / 17378-401 ++

Hourly EOD Chart for Nifty Spot as on EOD 31st Oct, 2014

It seems the 3rd corrective has started with the ongoing a-leg since 7723.85, which was the termination point for another x-wave after completion of 2nd corrective and we are dealing with breakout from the muti-year ascending triangle since 5118.85.