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 August Futures Mid Month Review

44 sec read

Nifty Daily Chart
Nifty Daily
[wp_ad_camp_5]

 
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 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 Straddle Premium, Implied Volatility and…

Focusing on the straddle premiums is quite important as we are nearing the major economic event of Budget 2023. Ahead of a major economic...
Rajandran R
1 min read

Understanding Option Mispricing Trading Strategies

Options mispricing is a phenomenon that occurs when the market price of an option deviates from its theoretical or fair value as calculated using...
Rajandran R
2 min read

Difference Between India VIX and Implied Volatility

India VIX (India Volatility Index) is a measure of the market’s expectation of volatility in the Indian stock market over the next 30 calendar...
Rajandran R
2 min read

One Reply to “Nifty and Bank Nifty August Futures Mid Month Review”

Leave a Reply

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