Tag Archives: Trading

Market Trade Setup 22nd April #Nifty

Last week of April and the expiry week is here. This week has some very important cues, one being the election and the noise of Rahul’s nomination, sexual harassment charges on CJI and its impact on the key judgments waiting to be delivered and the continuing Q4 results that will impact the companies. On Thursday, US markets closed in the positive territory up 110 points but that is very old news. Yesterday’s terror attacks in Sri Lanka where 200 people lost their lives has a major impact on the growth and stability across the World. Added to that are the worries of rising crude prices for India. Crude oil has crossed 73 dollars and its trading at 73.5 dollars now. Asia today is flat with some markets in a mild positive zone and some in a mild negative.
On the domestic front, the focus today will be the Q4 results of Reliance and HDFC that came on Friday evening and Saturday respectively. After many quarters Reliance has disappointed in its petrochemical business with margins disappointing and even Reliance Jio which was having a dream run till last quarter has seen a fall in growth in the number of subscribers, revenue as well as Average revenue per user. So, overall disappointment from Reliance. That disappointment was made up by HDFC which came up with very good numbers. Added to this we have plenty of news from Amethi, where scrutiny of nominations will take place today and the final decision on the AAP-Congress alliance in Delhi and Haryana will be taken today. Tomorrow is the 3rd phase polls as well as the last day for filing nominations for 6th phase, which includes Delhi.
On the derivatives front, we had the 3rd weekly expiry of the April month and it happened on a good volume and turnover of 21.63 lakh crore and that’s heartening. Now, the focus shifts to the April monthly series expiry which will happen this Thursday. Last Thursday we saw a heavy buying in Nifty futures which indicates that there could be some more upside that market saw on the day when 2nd phase polling was happening. We will have to see its impact going into this monthly expiry. The Nifty put-call ratio, however, came down from 1.82 levels to 1.71. 11400 put added 5.1 lakh positions, 11650 call added 2.3 lakh positions and 11600 call added 1.9 lakh positions and 11500 put still has highest open interest of 28.4 lakh positions. On the call side 11800 call added 6.9 lakh positions, 12000 call added 6.8 lakh positions and 11900 call added 5.2 lakh positions. 12000 call still has the highest open interest.
What is the Nifty call for the day?
After 3 day holiday, we are opening today and the opening might be a bit flat around 11730-11760 zone and 11720 is a support that will come. The 11670-11700 is a big support zone and should hold today. Also, a lot of open interest has come on Thursday for 12000 call and we need to see if it continues. If it does, then we can look at 11850 which is all time high being tested and even broken this week. That might take us to 12000 levels also. A lot, however, depends on the election related fundamentals and we need to look at them carefully. So, for today, I would suggest that if you get a dip around 11720 levels or below that, then go for a long position. If Nifty drops below 11670 mark before 10.30am today, then don’t take any positions. Any dip from 11670-11720 levels would be an opportunity to enter again with 11800 as the target. If you have previous positions then keep 11800 as a target to exit them.

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 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 9th April #Nifty

BJP manifesto took the market down, down to 11550 zones and later recovered to cross 11600 mark and close above that. I was talking about Nifty going to 11580 levels yesterday if the manifesto is not liked by the market and it has happened. If a 11800 close yesterday would have catapult Nifty to 13000 by June, it has now taken away that possibility and we could now see a nervous move ahead and it might want another good news coming from anywhere before it starts to resume the journey again. Globally things were not so great and Dow closed 90 points lower on the forecast that Q1 results for the US are not likely to be in the expected range. Asia is flat to negative with both Japan and Hong Kong down 50 points each and only Singapore and Taiwan are in a mild positive zone.

Coming to domestics yesterday was a clash between BJP manifesto vs Congress’ NYAY. Where Congress focused on the bottom 5% of poor with 72,000 per annum cash transfer, BJP focused on populist schemes aimed at farmers. A slew of measures like a loan at zero interest, farm pensions and cash transfers are going to put pressure on the fiscal health and was not liked by the market that much. Added to this is the pressure coming from Brent crude with crossed 71 dollars now and trading at 71.1 dollars. Rupee also lost 45 paise yesterday and now has reached 69.67 per dollar and all the good work was done to bring it to 68.3 lost out in just 2-3 sessions. Nifty has 20 dma at 11470 mark and that is going to be strong support even if there is some fall happening today. So, we need to look at 20 dma carefully.

On the derivatives front, there was a different reaction in the futures and options market. While there was selling in the day but buying resumed by afternoon in the futures market, the options market has shown one-way traffic and that is the demand for the calls. That has brought down the Nifty put-call ratio from 1.61 to 1.50 and there was the closing of positions seen on many strikes on the put side. 11600 put has the highest open interest at 12.6 lakh while 11500 put also has 12.2 lakh open interest. This is very close so if 11560 doesn’t hold today then we can see Nifty going to 20 dma of 11470 mark. On the call side, 11700 call added 10.7 lakh positions yesterday and it has the highest open interest now at 21.6 lakh. so 11720 is a strong resistance for this week’s expiry. So, unless there is fundamental news, till Thursday expect Nifty to be in 11560-11720 range with a danger of Nifty slipping to 11470 on ant bad news.

What is the Nifty call for the day?
A flat Asia means we will also open in the flat zone between 11600-11620 mark and 11560 continues to be very strong support. Good news might take Nifty to 11680-11710 zones and if that happens, exit positions and book mild profits. Your positions are stuck for almost 3 days now and you need an exit route and let’s hope that this exit route comes today. If things turn to worse and Nifty corrects to 11500 mark, patiently, as things are looking more likely on the upside than on downside in the next 1-2 weeks. No fresh positions to be taken today. 

Market Trade Setup 3rd April #Nifty

Yesterday markets went as per the predictions at every step. I said Nifty will take support at 11650 and will be facing resistance at 11720-11740 zone and close in the range. It turned out to be exactly the same. The moral of the story is, whenever the market gets predictable for many, it changes its texture. Are we in the consolidation phase that could change the texture of the market needs to be seen. Globally things look stable as US market consolidated a bit after a 300 point rally and ended 80 points in red. Asian markets also opened in the mildly red territory this morning but as the day is progressing, Asia is turning greener. So, we have Japan up 150 points and Hong Kong up 250 points and all the other Asian markets are also in green. Brent is now the reason for worry as it is almost approaching the psychological mark of 70 dollars, trading at 69.7 dollars now. Rupee, however, is on the downside is at 68.7 to a dollar now.
On the domestic front, the big news that came was the Supreme court judgement that struck down the April 12th circular issued by RBI. Now the companies need not be dragged to IBC on default of over 90 days and a loan will not be called as a stressed asset if there is a delay in the payment between 1 to 89 days. This is a major setback to RBI and when RBI is discussing monetary policy, we need to see how much impact it will have on their decision. On the monetary policy front, there is a 100% probability of rate cut with 80% chance for 25 bps cut and 20% chance of a 50 bps cut. Coming back to Supreme Court judgement, RBI now has only two options. One is to re-approach the SC with a review petition and the second is to come up with a fresh draft by dropping some controversial clauses that were added earlier. Apart from that we also had an election manifesto by Congress and it failed to build up the required buzz and ended as a 1-hour event.
On the derivatives front, there was a pick up in the long positions in Nifty Futures again and the long positions in Nifty Futures have jumped to 68% again. The premium is also healthy at 56 points and all this show some bullishness. On the options front, the Nifty put-call ratio went to 1.52 from 1.48 on the demand for short puts. 11700 put added maximum open interest yesterday of 4.2 lakh positions and thus 11700 put now has maximum open interest for tomorrow’s expiry indicating that 11660-11680 is very strong support. On the call side, 11900 call added the same 4.2 lakh positions and 11900 call is slightly ahead of 11800 call as the strike with maximum open interest. So, we now have a situation where today and tomorrow we can gravitate between 11680-11820 and if by chance we get a 50 bps rate cut then we can see Nifty going past 11880 mark. For monthly expiry however 11500 put and 12000 call have the highest open interest.

What is the Nifty call for the day?

Yesterday, you would have exited your positions for a 60-70 point profit and today we will have a positive start with Nifty opening in 11720-11740 range which is a strong resistance as of now. Are we going to see an all-time high today or immediately after the policy announcement at 11.45am tomorrow needs to be seen. Nifty has the resistance zone extending up to 11770 levels and till the time that is taken out decisively, we cannot move towards 11850 mark this series. Otherwise, this series expiry will be around 11800 mark. So, my call for the day would be, if you get a dip after the morning highs, you can get into another long position between 11680-11720 with 11760-11800

Market Trade Setup April 1st #Nifty

Start of the new Financial year and that starts on a bumper note with so many cues looking very positive. First talking about the global cues US markets have closed positive gaining more than 200 points and that seems to be like last year’s news. For today, the bumper news comes from China, where the March PMI numbers comes at 50.5 vs 3 year low seen in February of 49.2. Any figure less than 50 is a contraction in the economy and figure more than 50 is expanding. After contracting for 3 months. China’s manufacturing sector is finally expanding and that is a great news. All the Asian markets are in green with more than 1% gain and markets like Hong Kong and Japan are up more than 500 points. Brent crude is also stuck at 68 dollars and Rupee appreciated a bit on Friday and that is another good news. 

On domestic front, the new Financial year starts off on many changes happening to the banking system. First is the great news of Dena bank and Vijaya bank’s merger with Bank of Baroda and the combined entity will now be called Bank of Baroda and it will have around 10,000 branches now. Re-construction of the new entity upto Regional managers level is done and in the next 6-9 months the integration of ranks below RMs will be completed. Another change that will come into play today is the new regulation that kicks in today which caps any bank’s exposure to any group cannot be more than 25% and to any company more than 20%. Example for a group is Reliance or Tata or HUL etc while that of a company is Asian paints. Finally the Auto sales numbers for March are due and we are looking at a slow down in sales across the 2 wheelers and 4 wheelers. 
On the derivatives front, April series will kicked off on a mixed note on Friday with some selling seen in Nifty futures. Nifty Futures which were very high at 90 points at the beginning of the day came down to 53 points by the end of the day and the overall long positions that were 69% at the beginning of the day was at 67% at the end of the day. The Nifty put call ratio also corrected to 1.49 from 1.58 levels with which we started the series. For the April monthly series 11500 put added 4.6 lakh positions and it has the highest open interest of 21.3 lakh positions. On the call side 12000 call added 2.2 lakh positions and it has the highest open interest of 22.6 lakh positions. But for the weekly expiry of 4th Aril 11500 put and 11700 call has highest open interest indicating that 11760 could be the resistance and 11460 will be a strong support on down side. 
What is the Nifty call for the day?

On Friday I suggested you not to trade and rightly so Nifty opened around 11620 range and closed at the same level and intraday it went to 11580 levels indicating that the whole day it was in a 40-50 point range making it impossible for you to enter and make money. But today is a different day because of China data and how Asia is reacting to it. But India will not profit that much from this China’s gain, but still there might be some kind of a positive opening and it might be between 11650-11680 levels and then we will be in a touching distance from 11700 mark. Under this conditions, it is better to wait for a minor dip towards 11650 levels and then take a long position there with 11720-11740 as the target for this week. 11760 level is the all time high and today or tomorrow or on Thursday we will conquer that and we might make an all time new high this week itself.

Market Trade Setup 27th March #Nifty

Finally, markets put rest to the worry about whatever little doubts that everyone had on the 72000 rupee promise to 5 Cr families. But if you think that worries are out, they are not. Now we have former RBI Governor Raghuram Rajan supporting it and the second round of effort to convince people and market on the feasibility will be made. So, the story is not yet over. Meanwhile, US also put behind its Yield inversion worries and went up 140 points and Brent Crude also suddenly jumped and crossed 68 dollars which will be a worry again for us. Asia is mixed with some markets like Japan, Singapore and Taiwan in red while Korea, Shanghai and Hong Kong are in mild green with Hong Kong up 120 points.
On the domestic front, great news for the Airline sector has finally arrived with Naresh Goyal and his wife stepping down from the board and lenders taking over and making all the crucial decisions. The lender’s forum led by SBI has decided to infuse 1500 Crore rupees to meet operational expenses and Jet decides to re-start services in 50 routes where the flight services have been suspended. These services will start in April. A slight reason for worry, however, is Rajan, now raising doubts on 7% economic growth and asking for independent bodies to observe the figures. As the date of election nears noise like this will grow. The dollar has strengthened and now trading at 68.86 to dollar and bond yields are also softening a bit which is a good thing going into elections.
On the derivatives front, there was surprisingly a lot of selling that happened in the Futures market and it brought the overall long positions to 61% at the end of the day from 66% at the start. The scene in the options market was reverse with Nifty put-call ratio jumping to 1.64 from 1.46 on the back of huge demand for short puts. 11400 put added 10.8 lakh positions 11500 put added 7.7 lakh positions and 11400 put is all set to be the support for this series ending tomorrow. On the call side, 11600 call shed 11 lakh positions and 11500 call shed 5.3 lakh positions and 11500 call continues to remain the resistance. So, 11380-11550 is the band for today. So, we are now looking at a narrow 11400-11500 range for expiry.
What is the Nifty call for the day?

As I was always saying, patience pays in the market and yesterday would have given you a handsome 70-100 point profit on Nifty and for those positions taken before the losses would have got cut substantially. Now a point of caution. 11500 is turning out to be a resistance for this series so, it’s better to exit if there are any open positions in 11520-11580 range. This can be done once Nifty touches 11500 so that the losses could be the bare minimum. For today, there might be a flat opening between 11470-11490 mark and Nifty might find support first at 11430-11450 mark and ultimately at 11380-11400 mark. You can look at going long only if Nifty corrects to these two marks and finds support there. It’s difficult for Nifty to cross 11520-11540 mark. If lower levels are not coming today and Nifty stays flat or going up then better stay out and take no positions.

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.