Nifty Futures is likely to have a short truncated week. And last Saturday’s trading session showed a comeback of Bank Nifty despite Nifty Futures showing weakness. Most likely the downtrend should be arrested if Nifty can hold above 21660 levels.
This week trading sentiment is expected to turn positive and the expectation is Banks are likely to outperform Nifty Futures in the coming days. Nifty likely formed a G2 Support and end of the day if the sentiment turns positive by sustaining above 21660 by end of the day basis then changes are higher the negative trend could likely to come to an end. Failure to hold above 21660 could result in a continuation of weakness.
There is a High Put Options Open Interest Sentiment at 23000 levels which could once again bring the odds of focusing on 22500 levels from the positional trading perspective for the Feb series.
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February 2023 – Open Interest
Not working
Yes unable to survive above 21660 levels so far.