Stock/ Index

NIFTY 50

Long term trend

Downward sloping but flat – inconclusive

Short term trend

Upward sloping, spot above EMA

Bollinger band

On the upper channel of the bollinger band

Oscillator 2

Bullish

Oscillator 3

Strong positive cross over

Closing price (Spot price)

10,883.75

Change from previous day

0.06%

Nifty future premium (december expiry)

+ 47.25

Current position bias

Short bias, hedged compared to yesterday

Maximum Open interest

Puts of 10,000/ 10,200 / 10,500 / 10,700/ 11,000 Calls of 11,000 / 11,500

 

Conclusion

  1. The strong gap-up opening which was expected did not materialise and Indian markets underperformed the global markets significantly.
  2. My guess is that if not for Global markets we would have been negative.
  3. Although most technical indicators are strongly positive still I am skeptical and it seems that markets are waiting for the upcoming news events to pass through.
  4. Calls below 10,800 have shed open interest, while Puts at 10,500 and 11,000 have added open interest
  5. Undertone of technical analysis is positive but not a place to buy in futures market, would suggest stay away and wait for signal confirmation.
  6. Upside looks capped at the moment and a big downside is likely should any event have a negative consequence. Again however, not a place to sell in futures market as market are about to turn anyside. 

 

Disclaimer: The views expressed herein are purely personal and basis experience and not a recommendation to buy or sell. We are not SEBI registered investment advisors or research analysts and these are positions taken in personal capacity.

 

 

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