Rajandran R Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, USDINR and High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in and Co-Creator of Algomojo (Algorithmic Trading Platform for DIY Traders)

Newbie Traders feels the Euphoria got Burst

53 sec read

Profit booking kicked on Mondays Volatile session after sensex testing 25,000 mark for the second time. Selling Pressure was broadly witnessed in NSE Midcap stocks as the NSE Midcap index down 2% after earlier surging as much as 2.1 percent to hit a record high at 10,673.75. Right from the beginning of the session it is observed that Bank Nifty underperformed Nifty Heavily.

And the traders whomever traded one sided fashion could have busted in this volatile market which fizzle out the weaker hands. Market once again given a sign that the market is much matured than what you think.

Nifty Spot Hourly Charts
Nifty Spot

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Spot Nifty is in positional buy mode on the hourly charts since 9th May and Bank Nifty in buy mode since 22nd April. Currently very close to the support zone comes near 7308 and 14977 respectively. Reverse your position to sell mode if the support zone breaks on the hourly charts.

Banknifty Spot Hourly Charts
Bank Nifty

India VIX Hourly charts

After yesterdays volatile session India VIX jumpled 12% and closed around 19.84.India VIX is in sell mode prior to the day before election results and currently the resistance comes around 23.11. India VIX will turn to positional buy mode if the resistance breaks on the hourly charts.

India VIX

Nifty Options Open Interest
Aggressive call writing seen in 7400CE and 7500CE which has the higher open interest which indicates a possible resistance at 7500 for the current month as expiry is near call writers entered into reactive mode by building huge open interest.
Open Interest

Rajandran R Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, USDINR and High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in and Co-Creator of Algomojo (Algorithmic Trading Platform for DIY Traders)

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