Today Nifty opened with gap down and was resisted first half of the day at Range high. It was trading in a narrow band of 8413-8441 for almost first half of the day. Post 12.30 we saw break down at range low and made new low at 8364.
On our weekend post, we had suggested that, nifty breaking the trend-line and staying below approx 8420-10 could bring it to the demand zone at 8363-50 and today's low was exact at 8364. We need confirmation of buying tomorrow, else bears will push the price till 8300.
8300-8500 is the range clearly visible from Open interest table now for this expiry. Today's short covering in 8400 Put suggesting some more downside possible.
FII -- Have added small longs today and covered some of their shorts. Net they are long now in index futures.
DII -- Covered their longs and they are still net shorts
Clients -- Have covered their longs and taken shorts and now client's net open interest is negative.
Pro -- Added longs and covered their shorts and net they are longs.
Still Nifty is under bears grip. Longs need to be cautious from now on.
happy trading
On our weekend post, we had suggested that, nifty breaking the trend-line and staying below approx 8420-10 could bring it to the demand zone at 8363-50 and today's low was exact at 8364. We need confirmation of buying tomorrow, else bears will push the price till 8300.
8300-8500 is the range clearly visible from Open interest table now for this expiry. Today's short covering in 8400 Put suggesting some more downside possible.
FII -- Have added small longs today and covered some of their shorts. Net they are long now in index futures.
DII -- Covered their longs and they are still net shorts
Clients -- Have covered their longs and taken shorts and now client's net open interest is negative.
Pro -- Added longs and covered their shorts and net they are longs.
Still Nifty is under bears grip. Longs need to be cautious from now on.
happy trading
Thanks for the update, simple and straight.
ReplyDeleteThank you Atain :)
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