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.

State of the Market : May Expiry Overview

1 min read

The Nifty Futures and Bank Nifty Futures continued to move up last week, gaining 2.2% and 1.0% respectively on close. And Bank Nifty is relatively under-performing in the recent uptrend. However this may so far foreign investors are relentlessly selling in equity market and Debt Market and had pulled out more than Rs 14,000 crore. The Outflow of Debt Market is far steeper than Equity Market.

Nifty hourly charts turned to positional buy mode when it breaks the resistance level 8350 and continue to move upwards from there. Currently the support zone in Nifty Futures comes around 8272 on the hourly charts.

Nifty Futures Hourly Charts
Nifty Futures Hourly Charts

Nifty and Bank Nifty futures tested 5EMA High last week but still failed to close above 5EMA High. 5EMA high levels comes around 8485 and 18635. Any weekly close above 5EMA high levels are likely to change the major trend towards longterm uptrend.

Nifty Futures Weekly Charts
NIFTY Futures Weekly

 
Bank Nifty Futures Weekly Charts
BANK Nifty Futures

Nifty Options Open Interest Lookup

India VIX has been cooled down from the peak 21.88 down to sub 17 levels. Which suggests downside in the market is limited till the expiry and also the strong put writing near 8300PE suggests the possible expiry above 8300. Earlier put writers are bullish on expiry above 8100 now the levels has been shifted to 8300 and quite extra bullish on expiry.

Nifty Options Open Interest

Option Pain Charts : Option Pain for May Expiry at 8400

Option Pain

Relative Rotational Graph – Sector Outlook

RRG Study shows CNX Metal, CNX Enery and Bank Nifty are likely underperform relative to CNX Nifty in the upcoming sessions.

CNX Finance, CNX Pharma, CNX PSU are entering into the leading zone this week and likely to outperform CNX Nifty. CNX Auto continued to outperform but still the momentum is dropping and the outperformance is likely to fade after couple of sessions.

RRG Graph Indian Sectors

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.

More Short Covering Possibilities in Nifty Futures as the…

When more and more momentum selling is happening at some points it ends up with more emotional momentum traders. It is like how a...
Rajandran R
55 sec read

Emotional Extremes in Nifty

Nifty Hourly timeframe ended with an emotional extreme with fearful sentiment among the investors/traders as the Russia-Ukraine geopolitical tensions heated up. This very often...
Rajandran R
25 sec read

Extreme Exhaustion in Bank Nifty Hourly Charts

Bank Nifty futures as of last Friday made a low of 35642.6 with extreme indication - signals momentum exhaustion on the hourly timeframe as...
Rajandran R
24 sec read

One Reply to “State of the Market : May Expiry Overview”

  1. Hello Rajandran : though I would visit your website once a while as I was not a TA guy.. I have recently started studying TA and use yr charts more often.

    I realized you are really offering a great service to your trader brothers … God Bless you… Wish you the very very best ….

Leave a Reply

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