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Willam VIX FIX study has been applied over the daily and weekly charts of Nifty futures. And VIX FIX turning down from the peak indicate a possible bottom is already in place. On the weekly charts Nifty futures has to maintain 5197 Weekly 5EMA low as support on weekly basis. And the 5EMA High weekely levels are at 8483.
Nifty Future breakout from the triangle last week after making the weekly low of 7993 and close the week at the highest level ever for the index. As from chart above one can clearly the breakout. Strong global cues backed up with higher liquidity in Indian market the trend was set after Tuesdays close above 8040 future.
After breakout from horizontal trading range in bank index the bank nifty future made its life time high’s in past week. The high made on future is 16632 and the weekly close was at 16483+. Now going forward for monday trading session the Hurdle for banknifty is at 16700 fresh buying will happen once this level sustains and since there is no resistance left for market its all a bulls play the trend will continue.
Triple Momentum Strategy is from Gerald Appel, introduced in his 2005 book, “Technical Analysis: Power Tools for Active Investors.” It’s included on pages 58-63 of his book. That section is headed, “The Triple Momentum Nasdaq Index Trading Model.” Gerald Appel, is also probably best known for his creation – Moving Average Convergence Divergence (MACD).
Nifty options shows moderate amount of open interest built-up across the strike prices. 6200PE, 6400PE, 6500PE holds the higher open interest for this series however the amount of open interest is not as high as Feb series. which shows that the put writers are not as much as confident as February series.
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Nifty and Bank Nifty turned to positional sell mode last friday with current resistance coming around 5423 and 10500 respectively. Reverse your strategy to positional Buy only if the resistance breaks on the upside. And Higher Open Interest are visible near 5500CE and 5300PE. indicating possibility of Nifty expiring between 5300 and 5500.