Nifty Future Move
Good Morning and Wish You a Happy Trading Session
….
After flat opening Nifty Future made high at 10216 and continued the correction mode throughout the session. From day’s low 10092 Nifty Future has take an intraday bounce back. And end at 10182.
After flat opening Nifty Future made high at 10216 and continued the correction mode throughout the session. From day’s low 10092 Nifty Future has take an intraday bounce back. And end at 10182.
From 11793 (life time high, made on 31 August’18) Nifty Future
already corrected 14.43% (1701 points).
This type of correction and pattern indicating that fall will be
continue (but as part of any move a bounce back rally is natural)
Tomorrow is derivative expiry; this event may be the provider of strength of a pull back
rally.
As usual Foreign Institutional Investors were on sell side
yesterday. They have bought 4996.8 Cr. and sold 5337.15 Cr. the net trade value
was -340.35 Cr.
Domestic Institutional
Investors have sold 4791.07 Cr. Against buy of 4907.48 Cr.
Type of trade was as regular, FIIs were at sell side and at
opposite DIIs.
From last two days writing about the resistance 22.0300 as the
resistance of India VIX, yesterday it made high of 22.3475.
Today and tomorrow volatility may increase, cause of Derivative Expiry.
Strike price of most active Nifty CALL was 10500, OI was 37, 04,975.
But most active PUT was 10000, and open interest was 36, 66,075.
From last few sessions most active put option is 10,000. And Nifty Future yesterday
made low 10092.
If Nifty Future breaks the
level then Panic selling will be stronger for sudden hours, a
bounce back rally is on card.
Key Support-Resistance level of Nifty Future
Vital resistance of the day is 10227. If Nifty Future crosses 10284
with volume, then it may touch 10318(!). But chance is very remote.
This is not a bull phase, from any resistance Nifty Future melt
down sharply.
Below 9958.75 Nifty Future may take vital support at 9848/9845.95. Closing
below the last mentioned support Nifty Future may take support at 9580. (Not
today).
Today’s Overview:
If volume support then Nifty Future may form bottom today (for the
time being). A reverse rally is on card.
 |
| Overview |
Therefore your Nifty trading
strategy should be short on intraday basis, and long for positional trade.
Except this tomorrow is derivative expiry, it may be the turning
time.
Work sheet of 23 October:
Yesterday there were two calls. 1st was sell Nifty
Future at 10218, after 56 minutes of call delivered, Nifty Future made high
10216 and start to melt down.
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| Work-sheet |
Second call was to sell Nifty Future at 10182, target was 10108,
target achieved smoothly.
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