The weekly consolidated profile is here :
The bank nifty chart:
The US futures charts :
My comments on all of these charts are documented in previous posts.
Nothing in the action on Friday on any of the posted charts changed anything with the analysis.
Looking forward to the open on Monday.
Let's take it from there.
Posts
8 comments:
Dear Shai,
Is it possible to have the consolidated volume graph as shown in your Graph using Amibroker. If Possible kindly post the link for the afl.
With Regards
Sathya
Dear Shai,
:-*
USEFUL LINK
http://protradingblogs.blogspot.com/
BOOK MARK IT NOW.
REGARDS
PRO TRADER
Dear Shai,
Contraction in intraday range of NF since last two days,hopeful addition by small players on the back ground of the support at 5200 for Nifty but contrary view taken by real big players are the high lights of the current market,so let us wait for the exact reflection of the said possibilities in today's market.
Shai,
Thanks for the updated charts.
We had some discussion on Friday on how intraday Options OI numbers can be misleading.
Here's the proof.
Intraday you mentioned 10L+ 5300PEs right? And at 3:30 it was close to 12L or something. I checked Bhavcopy and how many do you think remained?
Only 3L - remained out of 10+L intraday.
But out of 8L 5300CEs see intraday 6L+ have remained.
The only conclusion I can make from all this is -- FIIs are real bluffmasters and intraday OI numbers should never be trusted.
In Banknifty we had a 15% OI reduction from the highest OI point on 28th.
The OI reduction happened in 3 trading session and bulk of it (10.5%) reduced on 1st July. The trading range on that day was pretty small 9439 to 9321.
So a temporary bottom might have been made at 9321. The market has already made a pre-emptive fall in the anticipation of RBI hiking rates.
If 15% OI reduction was some short covering - could there be another attempt towards 9550 in a day or two?
If this OI reduction is interpreted as a "give up" by longs we might as well see a shocking fall like Argentina/Brazil's elimination.
Sathya,
The volume by price indicator is a default option in Ami. No afl required. Pls check under basic charts.
--
Mynac,
Long time Buddy. Hope all is well !
---
Girish,
Excellent inputs on the OI.
I'm also at the cross-roads on the BN in my analysis ( not based on OI).I see the possibility of a 300 point move up from here, but also a fall to 9020 levels.
Waiting for the market to give more cues.
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New post done.
Dear Shai,
Thanks for the clarification regarding volume by price indicator
With Regards
Sathya
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