Since Oct 5, it was suggested a short covering rally can be expected above 19482. Even after Israel-Palestine situation, I had suggested that if Brent crude is below $90, then we would bounce back after an initial knee jerk reaction.
That is what we have seen. After a reaction on Monday, Nifty has rallied roughly 345 points in the last 2 days.
Open Interest has come down by 8.18% (4.24% on Wednesday and 3.94% on Tuesday) suggesting that the current rally is a Short covering rally.
However Can the momentum continue without a decrease in Open Interest?
FIIs have been selling in Cash Market as well and were Net sellers yet again to the tune of Rs 421.77 Cr
DIIs have bought in Cash Market to the tune of Rs 1032.02 Cr
Important levels which may act as Support and resistance for the day
Imp levels on the upside: 19865 / 19890 / 19922
Imp levels on the downside 19705 / 19682 / 19640
The zone of 19640-19682 is going to be very important for the Oct series.
Take care & safe trading...!!!
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That is what we have seen. After a reaction on Monday, Nifty has rallied roughly 345 points in the last 2 days.
Open Interest has come down by 8.18% (4.24% on Wednesday and 3.94% on Tuesday) suggesting that the current rally is a Short covering rally.
However Can the momentum continue without a decrease in Open Interest?
FIIs have been selling in Cash Market as well and were Net sellers yet again to the tune of Rs 421.77 Cr
DIIs have bought in Cash Market to the tune of Rs 1032.02 Cr
Important levels which may act as Support and resistance for the day
Imp levels on the upside: 19865 / 19890 / 19922
Imp levels on the downside 19705 / 19682 / 19640
The zone of 19640-19682 is going to be very important for the Oct series.
Take care & safe trading...!!!
Like and Follow
Nota
Calls being shorted aggressively.Nifty expiry likely to be below 19828
Take care and safe trading...!!!
Nota
In morning had suggested that Nifty expiry likely to be below 19828...Nifty made a closing high of 19829 on 15 minute candlestick chart...
Need any thing more...!!!
Trust the analysis was useful
Take care
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Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.