Nifty opened with a small positive gap and consolidated in the 8440-8420 zone for one hour and gave break out above previous day high and rallied strongly to reach the day high at 8489.55 backed with SBI results. After the SBI result was announced, profit booking took nifty back to the break out point at 8440. Broader market was weak with 625 advances to 840 declines. Time to be cautious with longs.
Today's Price action was very positive till first part of the day, second half was choppy and last hour from 2 PM looks negative. Monday's open and first hour should reveal more.
Now Lets Look at how Open interest is aligned:
FII -- Have added huge longs and shorts today and their net open interest have again become positive. Still no covering seen in PUTs.
DII -- Holding their shorts and taken small longs today.
Clients -- Covered their longs and taken huge shorts today; still net open interest is positive but inching towards negative zone.
Pro -- Added longs and covered their shorts and net OI is positive.
Clients are slowing turning bearish and FII are turning bullish; the game of expiry will start from Monday.
Happy weekend!
Today's Price action was very positive till first part of the day, second half was choppy and last hour from 2 PM looks negative. Monday's open and first hour should reveal more.
Now Lets Look at how Open interest is aligned:
FII -- Have added huge longs and shorts today and their net open interest have again become positive. Still no covering seen in PUTs.
DII -- Holding their shorts and taken small longs today.
Clients -- Covered their longs and taken huge shorts today; still net open interest is positive but inching towards negative zone.
Pro -- Added longs and covered their shorts and net OI is positive.
Clients are slowing turning bearish and FII are turning bullish; the game of expiry will start from Monday.
Happy weekend!
Thanks guru bhai.
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