i think premium is determined by nifty spot+ cost of carry .So cost of carry ,as of today is 100 rs for Nifty spot .
In general at any point of time, if the premium of the future is positive & large, that means bias is towards the upside in short term.
To be specific, you cannot make anything out of it right now as it gets affected by the derivative expiry trades. It has moved from 83Pts premium to 100pts on expiry day. Allow it to settle for another 3-4 trading days and take the bias.
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