- Indices managed to close Flat with Negative bias
- FIIs were net sellers, sold whooping 2300 cr in cash market
- after such a big fall yesterday markets were consolidated and traded in the range bound.
- Today's closing price in BNF is just above the Tomorrows pivot which is minor bullish sign, but CPR on a daily basis formed a lower low formation which is bearish view.
- CPR width Narrowed on daily basis which means tomorrow could be trending day.
- Max pain level is now at 30500 which is down by 100 points, which means negative sentiment.
- As per OI data, FII were net short in index, long to put percentage is 38% to 62 % respectively combined both in Futures and options.
- however when compared this data with the data of 24.02. few longs were added in the index futures and options.
- Key Support and resistance to watch-out for. yearly pivot 30400 could act as major support / resistance based on tomorrows open price.
- if the today's low 30330 could act as support then 30240 to 30280 zone, if this does not sustain then Bank Nifty might take support near 200 DMA which is 30140 level then 30050.
- Up side 30530, 30650, closing above that level would trigger the short covering rally till 30760 which is weekly pivot.
- Our markets are depended on global queues, and as expected yesterday sell on rise rally seems to working out.
- Tomorrows open price all depends on how US markets close today, so we have to wait and watch.
Disclaimer: I am not a SEBI register advisior, The above trade setup is purely based on my own study and analysis. i am not giving suggestions to buy / sell specific options. please consult your financial advisors / do the due diligence before taking any trade.
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