Nifty Futures Hourly
Nifty reversed for the week from the bottom and currently both nifty and bank nifty futures are at overbought levels and nifty could maintain a sideways to downtrend in shorter term probably till the RBI policy any surprise move from RBI will decide the trend direction later. Near term resistance zone for Nifty and bank nifty futures at 8762 and 19331.
Nifty Option Open Interest
Nifty shows a weak put writing at 8400 levels(spot) which might act as support zone currently and the developing open interest pattern has to be monitored as we are in the early start of the series. on the calls side major put writing is not yet visible and currently 9000CE OTM call strike holds the higher open interest.
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Key Events to Watch out for Next Week
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Dear Rajandran, In case of a perceived downtrend, what should be the support for the Nifty Futures and Bank Nifty Futures, irrespective of put writing at 8400 levels. In case of status-quo by RBI(which is quite likely given the fact the last policy rate cut is just one month before), support levels will help us in two ways – to secure our existing long position and shorting the indexes in case of break of support levels. Regards