The recent move in Nifty Futures are clearly driven by Short term players. Nifty Futures positive sentiment continues however sooner or later we can expect the trend to reverse when the sentiment gets over heated. Bank Nifty is showing divergence as the sentiment turns negative and continues to underperform Nifty Futures. Last two days Nifty Futures returns are positive however Bank Nifty returns are negative which indicates weaker uptrend for Nifty Futures. Nifty Futures is expected to test the resistance band 8000-8100 zone again followed by a potential reversal.
Nifty Options – Open Interest Lookup
Nifty Options Open Interest Sentiment shows lower confidence among option writers. As of now 7500PE holds the higher open interest. We are seeing such a low confidence for the past two expiry seasons and markets are turning against the option writers wherever they are tending to build open interest.