Summary:
1. 6200CEs are being added for last 3 days, making 6200 a very good resistance for this market. For the first time there were some 6100CEs written too which is not good for bulls. Need to monitor this if market can't cross resistances at 6139, 6156 & 6192.
2. Action @6300CE/6400CE/6500CE is currently looking like the speculative buyers are losing hope as of now and closing the contracts.
3. Support at 6000 strengthening with addition of another ~8L puts. But so far its very clear - not many want to write 6100PEs
4. There were quite a bit of 5800/5900PEs traded yesterday with a small but noticeable increase in OI. No conclusions yet but will monitor this activity.
Nifty Futures:
2.6Cr OI flat - Still no sings of new shorts or longs. Right from expiry day OI is down 4% (including rollovers to Nov series)
Banknifty Futures:
15.5L OI down 5% -- OI down 7% from expiry day and more than 55% from Aug peak, 45% from SEP peak .... To me it seems like everyone wants to trade Banknifty "intraday only" and not carry home much baggage.
Top 4 banks (futures):
1. SBI stagnant - not falling below 3200. Strong support there. Not able to climb 3263-3266. Strong resistance there
2. HDFCBANK - corrected almost 7% from its peak and recovered 2% intraday yesterday. Has resistance at 2430, 2454..
3. ICICIBANK - seems to be the strongest in the Banknifty now. Made a higher low yesterday. If resistance at 1150 is taken out, then it could see levels of 1170+
4. AXISBANK - Corrected almost 2% yesterday and recovered most of the fall. Has resistances at 1556, 1575, 1585
Just wanted to end this post with one beautiful picture of Banknifty and its struggle against VWAP once the sellers took control last week.
Note that this is a 5-min weekly Volume profile chart of
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1 comments:
Trend day in Nifty today.
"No target is too big for a trend day"
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