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Srivastava said the move from 7,511 to 15,800 plus levels has seen the PCR rise to 1.2 plus on rallies and fall to 0.9 on “corrections within the uptrend”, but a drop to last March levels below 0.9 hasn’t been seen until recently.

Synopsis

However, the very lack of conviction among the sellers is being viewed as a contrarian indicator by technical analysts such as Rohit Srivastava of IndiaCharts and Hormuz Maloo of AFco Investments, who believe markets correct amid the predominance of greed, rather than fear. “It’s amid unbridled greed, not fear, that a correction looms,” said Srivastava. “I see the market moving to fresh highs, rather than the other way around.”

Mumbai: A plunge in the marketwide put-call ratio (PCR) to near March 2020 levels is being interpreted by technical analysts as the market preparing to hit fresh highs in the coming sessions.

The 10-day average PCR has hit 0.86, just shy of the 0.84 level seen in March last year when the Nifty plunged to a multi-year low of 7,511.1 as the Covid-19 pandemic rattled global financial markets.

Normally, PCR tends to rise when the market moves up.

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Nifty: This time, PCR plunge may signal new highs

By ariox