And the traders whomever traded one sided fashion could have busted in this volatile market which fizzle out the weaker hands. Market once again given a sign that the market is much matured than what you think.
India VIX maintains positional sell mode since 13th May and the current resistance comes very close too 26.07. India VIX will turn to positional buy mode if the resistance breaks on the hourly charts. Post Election results India VIX came down drastically below sub 20 levels. Which probably makes to think about a possible sideways market in short term.
As of now 7500CE and 8000CE has the higher open interest which indicates a possible resistance at 7500 for the current month. As Nifty Responded with a sharp reversal from the high on Election Results Event once can conclude that smart money started shorting 7500 and 8000.
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.
NSE’s volatility index, or India VIX, fell as much as 23.88 percent, its biggest single-day intraday fall since August 26, 2009 after exit poll results showed BJP and its allies headed for a majority in elections. Currently the VIX on the hourly charts turned to positional sell mode with VIX positional resistance comes around 39.
Nifty on the hourly charts turned to positional buy mode yesterday with a whooping 2.98% and currently the support zone comes around 6684. And Banknifty which is currently outperforming nifty grabbed a intraday gain of 5.46% still maintaining the positional buy mode since 24th April with support coming around 13159. Reverse your position if the support breaks on the hourly charts.
Nifty and Banknifty is in positional buy mode since 22nd April and currently the support zone comes around 6736 and 12820 respectively. Reverse your position to positional shorts if the support zone breaks on the hourly charts.
Nifty and Banknifty hourly Index(spot) chart turned to positional buy mode on the hourly charts and currently the support comes around 6736 and 12785 respectively. Reverse your position to positional sell mode if the support breaks on the hourly charts.
Currently nifty maintains the positional buy mode on the hourly charts with support zone comes around 6711. Reverse your position to positional sell mode if the support breaks on the hourly charts. On Contrary Bank Nifty enters the positional sell mode after RBI keeping policy rates unchanged. Currently the resistance zone comes around 12853 reverse your position to positional buy mode if the resistance breaks on the upper side.
Nifty and Bank Nifty April futures in position buy mode on the hourly charts currently the support comes around 6660 and 12622 respectively. Reverse you position to positional sell mode if the support breaks on the hourly charts.
Nifty options shows moderate amount of open interest built-up across the strike prices. 6200PE, 6400PE, 6500PE holds the higher open interest for this series however the amount of open interest is not as high as Feb series. which shows that the put writers are not as much as confident as February series.
Last friday Nifty and Bank Nifty march futures turned to positional sell mode on the hourly charts currently the resistance zone comes arround 6559 and 12269 respectively. Reverse your position to buy mode if the resistance zone breaks on the hourly charts.