Tag Archives: Bank Nifty

Market Trade Setup 18th April #NIFTY

We are back again for the 3rd and the last trading day of the week. Today is a very important day as there are plenty of cues that the market has to understand and digest. There is the 2nd phase of elections going on today and then you have the sad news of Jet Airways and added to that are the Q4 results that are coming. Globally things don’t look great, as Dow ended in a flat zone last night with a loss of just 3 points. But Asian markets look red today as almost all the Asian markets are in flat to the negative zone. Hong Kong and Japan are down 100 points each. Brent crude crossed 72 dollars yesterday when we were not trading but today it corrected to 71.4 dollars.
Coming to domestics, today is the 2nd phase of elections and 95 seats are going for polls today and out of that 52 seats are in South Indian states of Tamil Nadu and Southern Karnataka. BJP has 38 out of these 95 seats so it’s not going to be very crucial but what happens in Tamil Nadu and Karnataka will be closely observed by the market. NDA has just 3 out of 39 seats going for polls today and with the tie-up, with AIADMK anything is going to be gain. So, the better the AIADMK performs the better will be the NDA. Out of 14 seats going for polls in South-Karnataka BJP holds only 6 while Congress holds 6 and JDS 2. This time Cong-JDS are fighting together so it’s going to be a challenge for BJP to protect those 6 seats but infighting in Cong-JDS camp means BJP still has a chance. All this will be visible in market movements today.
On the Q4 results front, Wipro came up with their Q4 on Tuesday evening and it was a disappointment again like Infosys. Mind tree which also came up with the result yesterday was good. So, IT space is mixed with TCS and Mindtree reporting good numbers and Wipro and Infosys disappointing. The big news today is Jet Airways announcing yesterday that all flight operations are going to be suspended today. This reminds me of King Fisher story which reached a peak of 320 rupees in 2008 and came crashing to 13 rupees losing 90% of its peak value when its operations suspended on 20th October 2012. Today King Fisher is at 0. Jet started in 1993, reached a peak value of 1300 in 2005 and even in 2018 its share value was 850. Now on the day of suspension, the share value is at 240 rupees 80% loss from its peak value and now we will see the stock hitting circuit filters and the share approaching to zero if nothing is done to protect the company. Jet presently has more than 1600 employees.
On the derivatives front, today is the expiry day for the weekly series before we go for the monthly expiry next week. The action immediately shifted to options and the put-call ratio jumped to 1.82 from 1.61 mark. Tuesday saw a huge turnover of 10.5 lakh crore and today it will easily cross 20 lakh crore again. 11750 put added 10.9 lakh positions while 11800 put added 8.2 lakh positions and 11700 put added 6.3 lakh positions. 11600 put has the highest open interest of 16.7 lakh and 11700 put has 15.1 lakh. So, 11700 is establishing itself as the base for an up move that happens today. On the call side, 11900 call added 4.5 lakh positions and 11850 call added 3.2 lakh positions. 11900 call now has the highest open interest while 11800 call has a second highest open interest. So, the expiry markers today might lie between 11750 and 11850 with an outside chance of Nifty going to 11700 and 11900.
What is the Nifty call for the day?
Elections hold the key today and the states where BJP is strong like UP, Maharashtra and Chattisgarh will be keenly watched to see if BJP can hold those seats. Potential states like Tamil Nadu, Odisha and West Bengal also will be keen to see if BJP can improve substantially. States like Bihar and Karnataka will be watched to see how alliances work or don’t work. With expiry also adding to it, we will see a lot of volatility. We are likely to open in a flat zone around 11790-11820 zone and as said before Nifty can go to 11850-11900 zone or fall to 11700-11750 zone. But 11760 will be a support and for fall to happen this level has to break. Anything can go wrong, but I believe that the market will go up. So, I would suggest taking a long position in May futures around 11800-11820 mark with 11860-11900 as the target. Exit as soon as the targets are achieved and hold it till the targets are reached.

Market Trade Setup 16th April #Nifty

Yesterday I was talking about Nifty closing above 11700 to give an indication that 11760 will be broken and we will go up. But the usual resistance zone of 11680-11700 was difficult to cross and it closed within the range. Better than close at the resistance than to fall and test the support. In that way, its a very positive move from Nifty, but I think we still have to wait for another day to see whether the resistance will be broken or not. Last night Dow closed in a flat to negative territory losing around 30 points and today morning Asian markets also flat with Hong Kong and Japan up within the 20 to 50 point range. Good news is Brent crude fell below 71 dollar mark trading at 70.7 dollars and the Rupee is at 69.42 to the dollar.
On the domestic front, the news of near normal monsoon came at 3.15PM yesterday and markets were least bothered. Actually, IMD needs to do some hard work and needs to come up with accurate forecasts. Last 4 years IMD got it wrong and this year IMD says that there is a 39% probability of normal monsoon while there is a 32% probability of below normal monsoon and 17% probability of drought. When you don’t have even a 40% chance of normal monsoon how can you say that it’s going to be normal and how do you think the market will believe it? This IMD forecast was thrown into junk and the market showed no reaction. The other news is good to trade data coming for March. The Trade deficit narrowed to 10.89 billion in March 2019 compared to 13.51 billion in March 2018. The best news is an 11% rise in exports to 32.5 billion while imports have gone up by only 1.44% to 43.44 billion.
On the derivative front, the only significant point we need to look at in the Futures market is the drop in the Nifty premium from 60 points to 37 points and that is almost 40% fall in premium and that was due to unwinding of long positions as Nifty touched 11700 mark and that brought the overall long positions in the futures market to 62%. In the options market however there was more demand for puts as 4 puts were sold for every call sold and 2 calls were bought for every put bought. That took the Nifty put-call ratio to 1.61 from 1.55 mark. 11650 put added maximum positions of 6.2 lakh while 11700 put added 5.5 lakh positions. 11600 put followed by 11500 puts has the highest open interest for this week’s expiry. On the call side, 4.2 lakh positions added at 11800 call and 2.7 lakh positions got added at 11700 call and 11700 call still has highest open interest but 11800 is close behind. Any up move today will add huge positions to 11800 call making it the new resistance point.
What is the Nifty call for the day?
Today Asia is flat but we are likely to open a bit positive. Point to be noted is, even though the cues were negative yesterday domestically, we did not see Nifty slipping below 11620-11650 mark and closed very close to 11700 mark. That means the election factor and BJP victory is still keeping the markets higher, fighting any negative cues. Today we have the trade data which came positive and that means we will open slightly positive between 11710-11740 zone and that brings us very close to 11761 which is the all-time high. Are we going to hit another all-time high before triggering a selloff or are we going to close above 11760?
Don’t look at losing these 60-70 point chance of making profits but watch carefully and hope that Nifty closes above 11760. Today is also the last day of campaigning for the 2nd phase polling and close above 11750 means market is still sticking to its election fundamental. So, no trade day today, just observe. Tomorrow is a holiday, we can come back on Thursday and look at how things shape.

Market Trade Setup 15th April #Nifty

The shortest trading week of the year so far is here. This is a 3 day trading week with market shut on Wednesday due to Mahavir Jayanthi and on Friday due to Good Friday. In-between you have a weekly expiry on Thursday. So, today and tomorrow are the only normal trading days. The most important news that we would be looking at today is the IMD forecast for this year’s monsoon that will come around 3 PM. Skymet has given a disappointing figure now we will look at IMD to see what it says. If we look at the global markets, they are all celebrating due to strong macro data coming from China, especially the exports going up by 14% and imports coming down. Shanghai market up close to 2% and all the other markets like Taiwan, Korea, Singapore, Hong Kong and Japan all in deep green with Japan and Hong Kong both 300 points in green. US markets also added fuel on Friday with Dow closing close to 270 points up.
Coming to domestics, if the data took China and other Asian markets up, it is the same data that will put pressure on us and we are likely to start flat. The IIP data for February came after markets closed at 5.30pm and it was a big disappointment. IIP grew at just 0.1% vs 1.7% seen in January and this is the lowest in the last 20 months. Manufacturing has actually contracted by growing at -0.3% and thus the demand for electricity came down and it just saw a growth of 1.2%. Electricity usually grows more than 4-5% during the beginning of the summer months. The only saving grace was inflation data for March that came at 2.8% vs expected 3% and the food inflation finally came to positive at 0.3%. The best data is from services inflation which was down to 5% from 5.3% seen in February. On the Q4 results front, while TCS has met the target Infosys has disappointed with margins coming lower and growth guidance also is lower. So, we still have mixed Q4 results.
Coming to derivatives, there was some buying that happened on Friday as Nifty started to pick up in the afternoon due to weekly short covering. The overall long positions in Nifty futures now stand at 63%. Coming to the options market, there was demand for puts and that is visible in Nifty put-call ratio going up to 1.57 from 1.49 at the beginning of the day. 11600 put added maximum open interest of 8.1 lakh and 11500 put added 4.3 lakh positions and 11550 put 3.6 lakh positions. 11600 put still continues to have the highest open interest indicating that 11570 is a support level. On the call side, 11750 call added 2.6 lakh positions and 11800 call added 2.3 lakh positions while 12000 call added 1.9 lakh positions. 11700 call continues to have the highest open interest and a distant second is 12000 call. So, 11740 zones will be a strong resistance for this week’s expiry. But on the April monthly expiry, still 11500 put and 12000 call continues to have the highest open interest indicating that 12000 is possible this series. But 11800 is fast catching up, so it can act as a hurdle on the upside.
What is the Nifty call for the day?
A weak macro data and a disappointing Infosys data means we will start flat in the 11640-11660 levels and on the downside 11570-11580 might offer strong support and if the fall doesn’t happen then 11680-11700 might act as the first resistance. On Friday, we have taken the 11680 as a target and those targets were reached, and you would have exited your positions. Today is a day of uncertainty, so I would suggest not to take any positions today. But if there is a correction to 11570-11580 levels and Nifty stabilizes there then you can go long with 11650 as the target. Else, it’s better to wait and watch if 11680-11720 zone is taken out or not before deciding on further action.

Market Trade Setup 12th April #NIFTY

It was a polling day yesterday for 91 seats across India and it went off well. The voting percentages matched up to the game-changing election of 2014 and conventionally higher voting turnout helps the ruling party and thus BJP will heave a sigh of relief. High voting was observed in Western Uttar Pradesh where BJP holds all the 8 seats that went to polls. Maharashtra also had the poll percentages dropping to 56% compared and all the 7 seats that went to polls in Vidharba are held by BJP. Elsewhere the two seats in West Bengal saw 80 plus percentage polling but polling was less in 5 seats in Uttarakhand where BJP again holding all these 5. Voting was also low in Assam and other northeastern states and in Assam BJP holds 4 out of the 5 seats that went to polls.

So, if we make senses of all these vote percentages and how they translate into seats then the picture we get is mixed. UP matched in its vote share so BJP would have got the vote that it got, but unlike last time this time SP-BSP-RLD are fighting together in these 8 seats and a combined influence will be felt in 2-3 seats and BJP would be looking at these seats with worry. Worries for BJP will come from Assam, Maharashtra and Uttarakhand where the polling was less. Assam has a sizable Muslim population and a drop in voting means BJP voters have not turned up and voted as they did in 2014. Markets will need some time to digest all this and where that leaves Nifty needs to be seen.  In all this CPI, IIP data will be released today after the market hours and so will be the Q4 results of TCS and Infosys coming after markets close.
Coming to derivatives, yesterday was the weekly expiry and we have witnessed one of the flattest expiries in the recent memory. The turnover was also less than 20 lakh crore, something which we have not seen in the last two expiries. The options market buzzed with demand for puts and the Nifty put-call ratio went to 1.47 from 1.33 seen at the beginning of the day. Today is the start of expiry week of 18th April and we again have a 4 day weekly series. 11660,11500 and 11400 puts all added equal open interest and for now 11600 put has the highest open interest but it could change today. Point is 11500 and 11400 are also opening up which means Nifty can go to 11390 levels. On the call side, 12000 call added maximum open interest yesterday but 11700 call continues to have a highest open interest which means 11740 will be a big resistance.
What is the Nifty call for the day?
A mixed Asia and some doubts about which way polling went would mean we open bit gap down around 11550-11580 zone and this is a strong support zone. If 11550 is broken then immediately we can go to 11480-11500 levels and that could trigger a lot of shorting. If Nifty takes support at 11550 and crosses 11600 mark then all is well and we can move forward. Just 1 out of 7 phases is over and we still have 6 phases and nearly 450 seats yet to go for polls. Many things can change during this time and the market knows that. So, I would suggest that if Nifty holds 11550 levels then we can go for a long position with 11620-11640 as the possible targets and those positions can be carried to next week also. But just in case Nifty drops to 11500 and goes below that then wait and watch. Don’t rush.

Market Trade Setup 10th April #NIFTY

Finally, there was a rally in the last hour yesterday much to the relief of many, who were doubting whether Nifty would cross 11600 or would settle down below that but somehow we managed to cross 11600 and went up all the way to 11685 levels and closed almost at the high point of the day at 11671. Globally, however, things are not looking that great. US markets corrected close to 200 points and this is on the worry that came from IMF which has cut the global growth forecast and that seems to be having a major impact across all markets. Added to this is the Trump tweet which talked about imposing trade sanctions, this time on European Union. Asia is also negative today mainly on the IMF growth cut with both Hong Kong and Japan showing 150 points cut each.

On the domestic front, the campaigning for the first phase of elections finally came to an end and a positive close was mainly due to the positive outlook given for NDA that it might come back to power. India Today was the last channel to come up with the forecast and they gave a figure of 263-283 seats for NDA and surprisingly in UP BJP might get 42 seats which was much better than 20 plus seats forecasted 2 months ago. BJP is also doing well in Maharashtra with 40 seats almost the same as what they got last time. The other news today is going to be the IIP and the CPI data that will be released for the month of Feb and March. CPI for March is expected to be around 3% and if it comes in that range it will be a good trigger to look at another rate cut in the June policy of RBI.

On the derivatives front, there has been some selling in the Futures market in the last 2 days which has brought the Nifty futures long positions to 67% from the highs of 71%. This is in a way good as now there are 1/3rd shorts in the system. The options also has seen some trimming of Put call ratio and the Nifty put-call ratio right now stands at 1.42 which is a good level considering that tomorrow is the weekly expiry. Yesterday 11600 put added 5.3 lakh positions and that established 11600 put at the highest open interest which means we have firm support at 11590 levels. On the call side, 11850 call added 6.4 lakh positions and 11800 call has the maximum open interest followed by 11850 call. So, Nifty now has the legs to go up to 11800 by tomorrow. The range is now 11600-11800 mark.

What is the Nifty call for the day?

The positions that you were holding for last 2-3 days finally would have got closed yesterday as Nifty went all the way crossing 11680 mark and that you would have made a 20-80 point profits depending on where you have taken positions. But what is important is that a futures trade is closed, which is very important for small traders. Today the IMF news will give a dip at the opening and Nifty might open around 11620-11650 mark and that also is the support zone. Any correction will bring it to 11590 and Nifty should find a support there. So, it is better to go long at around 11600-11630 mark with 11680-11700 as the target. You can otherwise keep a 50-70 point profit target which can be anytime this week

Market Trade Setup 29th March #NIFTY

Today marks the start of the first series of the new financial year 2019-20 and the last trading of the present financial year of 2018-19. This is a transition day and yesterday we ended the March series on a very high note. I was always telling you that if Nifty manages to cross 11520 it can go all the way up to 11580-11600 mark and yesterday we have seen a high of 11588 before closing at 11570 mark. Global cues are also positive as the bond yields went up in the US and the fears of recession have temporarily taken a back seat. Dow gained over 90 points and today all the Asian markets are in green with Hong Kong up 150 points and Japan up 200 points. Crude is only the point of worry as it crossed 68 dollars and trading at 68.1 dollars now.

Yesterday was the March series expiry and we have closed at 777.5 points higher and this is the second best series we had from the time Modi Govt took over in May 2014. The January series of 2015 was the best with a gain of 778.3 points. The difference is just 0.8 points and thus we can see that the market has gone to the time when Modi took over as the Prime Minister. The next best news is turnover. Yesterday saw a turnover of 22.75 lakh Crore which is the highest we have seen from the time the options markets started in India in 2005. Now we are a truly 20 lakh plus crore turnover market and March 2019 series can be a benchmark for the future. This was mainly on the FII investments and March saw the highest FII investment in the last many months. 

What to expect from the April series?

After a fantastic March we are now focussing on the April series. April series has many fundamentals to look for and top of that are the 4 out of 7 phases of polling coming in April month itself. Second is the Q4 and Annual results of the companies that would start coming after 10th April and that will have a telling impact on many stocks as well as Nifty. Added to that we have a very important trigger of bi-monthly monetary policy coming on 4th April which also happens to be the weekly expiry for Nifty. This monetary policy is expected to give a rate cut of 25 to 50 bps and market would be keenly watching for it. Plus we will also have the usual CPI and WPI inflation data as well as the IIP data coming in for February and January respectively and that will show which direction GDP will move.

On the technical side, the April series opens on a heavy note with 69% long positions which is the highest in 2019. The rollovers are also higher for Nifty and they came at 67.6% vs the three month average of 65% and Bank Nifty rollovers are even higher coming at 71%. Coming to the options the Nifty put-call ratio starts at 1.58 which is a fair value to start so we will not have an immediate fear of fall. The markers for April look very interesting indeed. On the put side 11500 put has the highest open interest followed by 11300 and 11200. So, the first level of support will come in the range of 11380-11410. On the upside 12000 call has the highest open interest and no other open interests are closer to that. That means we can see Nifty touching 12000 mark this series itself and that is heartening, and this happen we will be in the all time high zones for Nifty. 

What is the Nifty call for the day?

April will start on a decent note with opening happening between 11570-11600 and first resistance will come at 11620-11650 mark and 11550-11570 coming in as a support. Today is the first day of the series and the first day will usually be green. You have made profit yesterday as the targets of 11580-11600 have been reached for the positions you took below 11500 in 11460-11490 zones. If you have not exited then you can exit today if Nifty crosses 11600 mark. I would not suggest a fresh position to be initiated today and afternoon might see some volatility. Even if you lose out on a chance to make money today, enjoy the last working day of this financial year by counting your profits rather than putting them in the market.

Market Trade Setup 22nd March #NIFTY

The day after Holi and the day before the weekend, today is one single day of trading day before the expiry week starts. Officially the last weekly cum monthly series starts today. The start is on a slightly positive note coming majorly coming from US and Dow Jones. Dow went up nearly 220 yesterday mainly on the FOMC news that there are no further rate hikes in 2019. But what is more heartening is, Fed which has been on a balance sheet contraction since last one year is planning to stop it by September. Balance sheet contraction is liquidity tightening by absorbing excess money in the market through bonds. Now, the Fed is stopping that which means liquidity would be plenty in the US and that is great news for the emerging markets.

Coming to domestics, BJP released its list of 184 candidates and what we need to see is, like the way market went up 120 points on 5th March on the news of election dates and on 11th March another 120 points on election dates announcement, will we see another surge today on this BJP list. Modi is contesting from Varanasi but what is surprising is Gandhi Nagar which was Advani’s seat since 1991 is now gone to BJP President Amit Shah. Global factors are positive for markets to go up but what is really not positive is the Brent Crude prices that touched 68 dollars but if market choose to ignore that and other niggling worries like the grounding of Jet Airways etc, we should be on our way up today. We will also look at rupee whether it will come from 68.9 to 68 dollars and meet the Brent price or not.
On the derivatives front, Wednesday saw the expiry of the shortest weekly series on a flat note but there has been a lot of buying in the Futures. The overall long positions in Nifty Futures stands at 64% now but there was some correction in the options and the put-call ratio has gone down slightly to 1.73 from 1.76 mark. Now we have the monthly March series expiry and we have seen 5.5 lakh positions getting added to 11500 put and 11450 and 11400 put also saw 2.2 lakh positions each. However, the surprise is 11000 put also added 4.4 lakh positions and it has the highest open interest. On the call side, 11600 call added 7.3 lakh positions and 11700 call added 4.6 lakh positions and 11500 still has the highest open interest. So, for March series, the markers are 11000-11500 and that will change as Nifty has crossed that mark already.
What is the Nifty call for the day?

We were not trading yesterday due to Holi and on the back of positive US closing and SGX adjustments we will have a gap up today and opening might be in the range of 11550-11580 zone and that 11580-11610 is a resistance zone. You have a long position taken on Wednesday in 11500-11520 mark and the target I was talking about that is 11580-11600 is likely to be met today. As soon as it meets it’s better to exit. There is a chance that we might have a big rally taking Nifty to 11650 also but we need to carefully see if Nifty crosses 11600 mark or if there is a selling coming in there that takes Nifty back to 11550 mark. Watch carefully and exit the positions. No new positions are advised for today as its a weekend and we will wait for cues to emerge for next week.

Market Trade Setup 20th March #NIFTY

This is the first Wednesday expiry of 2019 and the shortest weekly expiry everlasting for only 4 trading sessions is coming to an end today. Yesterday I was talking about Nifty decisively breaking 11530 mark but it barely managed to hold that mark. So, today there is a 50-50 chance of Nifty going towards 11600 mark. Globally today also we don’t have any decisive cues as Dow Jones again ended flat down 20 points before the FOMC decision on interest rates. It is widely believed that rates would be kept constant and the commentary would be dovish. Asian markets are still nervous and the Korean market is down almost 1.3% and Hong Kong is down 130 points. Other Asian markets are trading in a mildly red zone.

Coming to domestics, the noise of elections is going up each day and Congress which was supposed to firm up alliances and pose a challenge to BJP and NDA is struggling now. It was rejected out rightly in UP and now its alliances in Bihar with RJD and with AAP in Delhi and Haryana are also in problems. In Bihar RJD offered 8 seats to Congress while congress is not willing to settle less than 11. AAP has come up with a statement that alliance in Delhi is off and it will contest all 7 seats. All these are looking dicey and things are turning advantageous to NDA. On stock front, Jet Airways is into deep trouble as the pilots have come out and gave an ultimatum that if their dues are not settled by 31st March then they would go on strike from 1st April. Not a good news for Airline sector. 

On the derivatives front, yesterday saw a mixed action in the Futures market and the overall long positions remained constant at 63%. However, most of the action happened in options where 1.4 lakh volumes got generated in Nifty and Bank Nifty and the total turnover was at 10.7 lakh Crore. Let’s see whether the 19.7 lakh crore turnover seen last week will be broken or not. 11500 put added 10.7 lakh positions yesterday and now 11500 put has the highest open interest indicating 11490-11510 is strong support. On the call side, 11600 call added 1.8 lakh positions and 11550 call added 1.2 lakh positions and that took the Nifty put-call ratio to 1.78 from 1.66. 11600 call has the highest open interest followed by 11700 call. So, today expiry will be between 11500 and 11600 mark.

What is the Nifty call for the day?

Patience always pays. The position that you took on Friday and Monday has materialized yesterday as Nifty met the given target of 11510-11530 mark. Now Nifty is at a 50-50 point as said before, so there is a possibility of Nifty hitting 11600 mark. Today we might have a flat opening around 11530-11550 mark and 11580-11600 mark we will find resistance. So, one strategy is if Nifty doesn’t run away at the open and if you get a dip to 11500 mark then you can take a long position. Otherwise, stay out of Futures. In such a case you have an options strategy opening up and I will tweet about it after the markets open.

Market Trade Setup 19th March #Nifty

After a 100 plus point correction in the morning and a recovery of 40 to 50 points, Nifty is back again above 11450 levels as we approach the 2nd day of this 4 day trading week. Yesterday was the day when we had the first chance of making money for the bears. Nifty crossed 11520 mark and then corrected back to 11420 levels before closing at 11460 levels. Globally things are looking nervous as the two-day FOMC meeting starts today and everybody’s eyes will be whether there will be rate hike or not. Dow was unaffected by all this and had a positive close last night but Asia is nervous today with both Honk Kong and Japan in slightly negative terrain.
On the domestic front, the Rupee staged a sharp recovery yesterday and as predicted it opened below 69 and closed almost at the given levels of 68.50 at 68.52 mark. The negative news is coming from the Brent Crude front which has gone up to 67.6 dollars again. This is on the back of OPEC deciding not to increase the global supply of Crude till June this year though there are signs of growing demand for crude. Domestically the belief is strengthening on BJP returning to power as one more opinion poll of Times Now-VMR predicted 283 seats for NDA vs 135 for UPA. On IPO front, REIT made a slow start where only 20% of the shares were subscribed on Day 1 out of 7.12 crore shares that are on offer.
On the derivatives front, yesterday saw a totally different action in the Futures and options. While Futures positions were totally bullish, there was some caution on options where traders took mildly bearish positions as Nifty started to fall during the day. As a result, the overall long positions in Nifty Futures shot up to 63% from 62% and the Nifty put-call ratio however fell to 1.66 from 1.77 mark. 10450 put added 5.7 lakh positions while 11400 put added 4.7 lakh positions and 11400 still continues to have highest open interest on the put side. On call side 11700 call added 4.8 lakh positions, 11600 call added 4.2 lakh positions and 11600 still has the highest open interest. So, tomorrow’s expiry markers are placed at 11400-11600 mark but 11500 call also has open interest close to 11600. This is something that traders should watch out for.
What is the Nifty call for the day?

Yesterday, I asked you to take positions between 11450-11480 mark and if you have taken that then you are in no profit no loss zone. Today there can be a flat opening on Nifty around 11450-11480 mark and yesterday’s high of 11530 will be the resistance for the market and 11410-11420 which was yesterday’s low will be the support. So, if Nifty crosses 11500 mark again then close your positions and book profits and stay out. We are at congestion zone now and unless 11530 is decisively taken out 11600 will not be possible on Nifty.