NIFTY
Nifty consolidated between 15150 and 15250 the entire day with huge volatility. this was discussed in yesterdays analysis and the levels marked and the trendline was respected today. This consolidation formed a spinning top candle in the daily time frame. This is a consolidation/bearish scenario.
From Today OI data
Clients net added longs on stock futures
Fiis exited longs and added shorts on stock futures(bearish)
clients net long on calls(bullish) and Fiis net Short on calls(bearish)
clients net short on Puts(bullish) and Fiis net long on Puts(bearish)
Even though todays OI data shows slight bearishness the overall data still looks great on the upside.
The European and US markets are moving higher which can cause overall bullishness in the markets around and SGX nifty is currently trading higher beacause of this.
The important levels are marked on a 15min closing basis.
The market structure is Buy on Dip for me any fall will be bought into at important levels. Its always better to be a buyer at imp levels.
hence if I get a flat/ gap down open and a good 15min close below 15138;market may go till 15056 levels. If we get a good support there with some good price action thats an area to add some longs for me. If it fails to take support there 15000 will be the next level. i will be watching the up trendline also
If it opens with gap up and we get a good 15min close above 15250 then 15300 will be the next level.
Looking at the option chain market will be trading in between 15500(max call OI) and 1500(max put OI) till thursday.
This is my personal view on the market.