Nifty futures reverse from its low of 7952.5 after US Federal Reserve at the end of a two-day policy meeting on last Wednesday, 17th Sep 2014, maintained a commitment to keep US interest rates near zero for a considerable time.
Nifty and Bank Nifty Hourly charts are in positional buy mode and bank nifty very recently turned to positional buy mode on last trading session. Currently the support zone comes around 8019 and 15841 respectively. Reverse you position to positional sell mode if the support zone breaks on the hourly charts(on closing basis).
India VIX Hourly Chart
India VIX on the hourly charts is in positional sell mode for a very long time since mid of july 2014 and currently the resistance zone comes around 14.11. And also it should be noted that INDIAVIX is trading below sub 12 level. Do you think INDIAVIX will mode to signle digit from here?
Nifty Open Interest Lookup
when nifty futures dips below sub 8000 level 8200CE writers started building open interest on reversal back after the FED meeting 8000PE writers are back again with building huge open interest positions over there and the declining volatility will favor the 8000PE writers in eating up the premiums as expiry is nearing.
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