Rajandran R Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, USDINR and High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in and Co-Creator of Algomojo (Algorithmic Trading Platform for DIY Traders)

Will this Pre Budget Rally continues?

47 sec read

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

NIfty Hourly Spot

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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.

Bank Nifty Hourly Charts
Bank Nifty Hourly

India VIX Hourly Charts
India VIX

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
Nifty OI Pre Budget

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.

Rajandran R Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, USDINR and High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in and Co-Creator of Algomojo (Algorithmic Trading Platform for DIY Traders)

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