NIFTY Spot Positional View

NSE:NIFTY   Nifty 50 Index
NIFTY is currently standing at a stand still position, it could definitely give a breakout and attain new all time highs if it sustains above 15500 levels; but i am personally a bit bearish on the index for short term.
I expect the index to expire somewhere between 15000-15500 for the June 3rd expiry because of the following reasons:
  • Firstly, because of the movement seen on Friday; if you would have closely noticed NIFTY was up 97 points but out of this 97 points 93 points were contributed by the short covering rally in Reliance alone. If it would not have been reliance NIFTY wouldn’t have closed @ an all time high
  • Also, there is a good amount of call writing @ 15500 levels and put writing @ 15000 levels; and many smart people have made a short straddle @ 15300 level.
  • One more key point to be noticed over here is that FII’s are 88% long; so the upside is kinda limited.
Note- This is just for educational purpose, please consult your financial advisor before taking any positions in the market.


How did you find it was through short covering, could you through some light on that?
@mobilaa https://web.quantsapp.com/s?id=57112&%3Bk=9817 you can easily find it by option chain analysis, which can be easily done by the data provided on the nse website. But, if you don’t know how to read the data you can simply click the link; as the data is provided in an easily understandable format in the given link. I hope it would help :)
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