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)

Nifty and Bank Nifty April Futures at Overbought levels

29 sec read

Nifty Futures Hourly

Nifty 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.

Bank Nifty Hourly

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.

Open Interest
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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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One Reply to “Nifty and Bank Nifty April Futures at Overbought levels”

  1. 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

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