Nifty Opened with a small gap up but was soon got sold off. In my weekend post, I had suggested "Need to watch out for any buying interest here(8363-50), else next drop can be to 8300-8280 zone which puts NIFTY in negative trajectory."
Nifty took the support at 8320 which is also a major support as per Option table Open interest and closed at 8339.35. Broader market was weak with 574 advances to 883 declines for the day. Since we are just 2 day ahead of expiry, trade with extreme caution.
From Option table still the range is 8500-8300. profit booking was seen at 8500 CE levels today and short covering was seen in 8300 PE, may be a dip below 8300 is not ruled out.
FII -- have added huge longs and shorts in index futures today and also good addition in Index calls. Expecting a bounce tomorrow.
Clients -- Have added small Longs and shorts in Index Futures and both Long calls and puts. But still they are net short.
DII -- Have added shorts today and covered their longs.
Pro -- Have added both Long and short today.
So clearly today majority have taken both side bets, so expecting a range bound day with positive bias, unless 8320 (today's low) is taken out with volumes.
Happy Trading
Nifty took the support at 8320 which is also a major support as per Option table Open interest and closed at 8339.35. Broader market was weak with 574 advances to 883 declines for the day. Since we are just 2 day ahead of expiry, trade with extreme caution.
From Option table still the range is 8500-8300. profit booking was seen at 8500 CE levels today and short covering was seen in 8300 PE, may be a dip below 8300 is not ruled out.
FII -- have added huge longs and shorts in index futures today and also good addition in Index calls. Expecting a bounce tomorrow.
Clients -- Have added small Longs and shorts in Index Futures and both Long calls and puts. But still they are net short.
DII -- Have added shorts today and covered their longs.
Pro -- Have added both Long and short today.
So clearly today majority have taken both side bets, so expecting a range bound day with positive bias, unless 8320 (today's low) is taken out with volumes.
Happy Trading
Well analysed, expecting the break down may be after a rise.....ashokk
ReplyDeleteWell analysed, expecting the break down may be after a rise.....ashokk
ReplyDeleteYes, Intra Rise will used for selling
Delete