Nifty Outlook for April Series

By | March 27, 2014

FII_1

  • Nifty made a new life high again today 6674 ,and closed just above the rising trendline as shown in below chart. As discussed yesterday Range of 6650-6663 , Nifty made a high of 6674 and closed below this range. Now many traders are looking for short term top of market so following points should be satisfied by Nifty to confirm short term top.
  1. Higher High,Higher Low formation should be broken.
  2. Nifty should close below 6577.
  3. Negative divergences should be seen in Daily Charts. — Visible now
  4. CandleStick formation for additional confirmation Bearish Engulfing,Hanging Man or Evening Start.

nifty daily

  • Nifty Future April Open Interest Volume is at 1.60 cores with addition of 43.9  lakhs in Open Interest, so series starting with above normal OI, bullish bias.
  • Total Future & Option trading volume at 3.62  lakh with total contract traded at 3.3  lakh , PCR (Put to Call Ratio) at 1.01.Cash market volumes were exceptionally very high today expiry effect.
  • 6700 Nifty CE  is having highest OI at 34.8  lakhs , is having the highest OI and resistance for the market,6600 CE saw addition of 2.7 lakh with net OI at 19 lakhs.6300-6800 CE added 35.8 Lakhs in OI. As per Options Data Likely range of April Series comes at 6900-6300
  • 6500 PE   is having highest OI at  28.6  lakh with addition of 7.1 lakhs remains a strong support at start of series, 6600 PE is having second highest OI at 24.8 lakhs. 6300-6800 PE added 29.6 Lakhs in OI

Buy above 6644 Tgt 6675 ,6695 and 6713 (Nifty Spot Levels)

Sell below 6625 Tgt 6603,6581 and 6565 (Nifty Spot Levels)

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