Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

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

 
Key Events to Watch out for Next Week

Friday April 03 2015Previous
5:00 PMForeign Reserves  28/MAR$340B
5:00 PMDeposit Growth YoY  MAR 1511.60%
5:00 PMBank Loan Growth  4/APR10.20%
Monday April 06 2015Previous
10:30 AMHSBC India Services PMI  MAR53.9
Tuesday April 07 2015Previous
11:00 AMRBI Interest Rate Decision  7.50%
Friday April 10 2015Previous
5:30 PMIndustrial Production YoY  FEB2.60%
5:30 PMManufacturing Production YoY  FEB3.30%
Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

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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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