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.

Nifty Look Below Balance and Fail – Targets 15400…

Nifty Futures on the Daily charts trading in a 1000 points range between 14400 - 15400 approximately for more than 2 months. It is...
Rajandran R
21 sec read

Nifty Hedged Futures – Apr 2021 – Short Term…

Nifty Futures had made a sharp drop on Monday Morning (5th Apr 2021) almost touched 14500 levels however post that market had done a...
Rajandran R
1 min read

Options Strategy: Nifty Weekly Bull Put Spread

Nifty Apr Series on the hourly timeframe showed trend exhaustion and the Nifty Futures is trading with 100 pts of premium. Trading sentiment flipped...
Rajandran R
37 sec read

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

Leave a Reply

Get Notifications, Alerts on Market Updates, Trading Tools, Automation & More