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 August Futures Mid Month Review

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Nifty Daily Chart
Nifty Daily

 
Nifty and Bank Nifty August Futures Daily Sentiment turned positive on friday. India’s July WPI inflation figures came at -4.05% YoY Vs June WPI was -2.40%. Despite the Chinese Yuan Devaluation and weaker USDINR sentiment market rallied from the lows on positive IIP figures ( grew 3.8%) and possible rate cut sentiment due to negative inflation growth.

Bank Nifty Daily Chart
Bank Nifty Daily

Nifty Weekly Charts
Nifty Weekly

Nifty Futures and Bank Nifty futures on the weekly charts trading below the 5EMA(high) with weekly resistance coming around 8616 and 19102 and RSX turning down from the top suggests a possible sideways to downtrend movement on the weekly charts with the 5EMA(low) support zone 8372 and 18307. View could change to long term uptrend only if markets are able to close above 5EMA high on weekly basis.

Bank Nifty Weekly Charts
Bank Nifty

NIfty Open Interest

8200PE and 8300PE are the dominating zones where currently put writers are busy in building open interest as of now not much confidence from the call writers. As of now 8600CE and 8700CE holds higher open interest but very low compared to 8200PE and 8300PE. The overall confidence is still lower signals a possible sideways action between 8300-8600 as nothing much changed from the last overview

OI

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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