Almost Equal amount Open Interest Built up seen in 7200CE, 7400CE and 8000CE Nifty Option Contracts. So far the call side has the higher amount of open interest than the put side. However it is unknown at this point that due to election result people are willing to bet on the single side or smart money is shorting on the call side due to high expectation in the market on Election Results. A Clear picture will emerge once the election results are over.
Nifty opened negative in the morning and continued to play in the range of 4750 to 4850 since 3 sessions. Good for option-writers who started to eat premium as they are high in the beginning of the series. FNO turnover also quite less in the last 2 sessions. Now the key support on the downside is 4740 and close above 4860 only can unfold further move upside.
Nifty hourly currently in a buy mode with supports coming near to 5980. Reverse if nifty closes below 5980 on hourly basis until be with your longs.
Though there is a final hour surge in nifty after expiry, ButStill the hourly strategy of both the NMA and Ichimoku remains with the sell signal with resistance coming near the 6030-6040(Approx) zone.