So the Pre budget rally is here and last week nifty bounced off from the low and made a fresh all time high and currently closed at 7753. Also it closed above the Weekly 5EMA(High) which indicates a firm long term trend intact. However it should be noted that Banknifty havent crossed yet the previous all time high and trading very close to the previous high.
Nifty Hourly Charts
On the hourly charts nifty and bank nifty both turned to positional buy mode with support zone comes around 7607 and 15118. Reverse your position to positional sell mode if the support breaks on the hourly charts.
India VIX still maintain the positional buy mode with the support zone comes around 16.93 and reverse your position to positional sell mode if the support breaks on the hourly charts.
Nifty Open Interest Lookup
The open interest picture shows 8000CE has higher open interest built up however it could not be witnessed as call writers as major news is around the corner and call/put writers might not be strongly confident enough to write puts/calls at this point of time. We could get more clarity once the finance minister start delivering his budget presentation.Let see what actually the Finance Minister delivers on July 10th.