Nifty showed signed of topping out as volume in Nifty Futures are tepid. Spinning top formation at EOD candle confirmed this too. Target of 5380 that I was looking for and gave at 4th April in scenario of Nifty holding 5320 was completed today. We might see some downside retracement from 127% retracement levels.
FIIs positions are quite interesting in FNO segment and as per me its a bull trap.
FIIs bought 7 lacs of Nifty and Open Interest declined by 3 lacs(combined) suggesting retailers were short. FIIs were net buyers of Options in this series to the tune of 6000 crores which as per me are bearish in nature and can turn out to be a bull trap in coming days. As mentioned previously Options are at their Historically Low Volatility Levels and hence FIIs are taking Volatility based positions in Options segment.
In Optionchain 5400 call continuously adding O.I and stands at 68 lacs, Interestingly addition in 5300 put has gained pace and it might outdo the 5200 put in coming days. A very close near ATM put with increasing buildup with 5400 call supporting the resistance positions can be critical as 5300 put may be a support in disguise.
Hope you liked it!!!
In Optionchain 5400 call continuously adding O.I and stands at 68 lacs, Interestingly addition in 5300 put has gained pace and it might outdo the 5200 put in coming days. A very close near ATM put with increasing buildup with 5400 call supporting the resistance positions can be critical as 5300 put may be a support in disguise.
Hope you liked it!!!
No comments:
Post a Comment