OI in Nifty futures a shade lower @ 23 million mark today and VIX around 24 mark
Critical levels and outlook for Nifty and BankNifty remain unchanged from previous posts
Despite a rise of over 350 points on BNF spot price in 3 sessions, no signs of premiums being restored on BNF futures
Recap
Supports have dropped significantly @ 4800-4840-4880
Resistances @ 4911-4944-4994-5032 [the expectation was a bounceback from 4911 levels but that was not to be.....]
Upside perhaps capped @ 5032 [proving to be so close yet so far right now] on closing basis until Thursday which marks the 13th consecutive session below this level. If not surpassed on closing basis by Thursday, then the odds of staying below 5032 increase for 1 more week.
9 sessions to go for expiry and it is prudent to take options positions in June series and ideally within 100 points strike on either direction from spot rather than very far OTM culles and pulles
Critical levels and outlook for Nifty and BankNifty remain unchanged from previous posts
Despite a rise of over 350 points on BNF spot price in 3 sessions, no signs of premiums being restored on BNF futures
Recap
Supports have dropped significantly @ 4800-4840-4880
Resistances @ 4911-4944-4994-5032 [the expectation was a bounceback from 4911 levels but that was not to be.....]
Upside perhaps capped @ 5032 [proving to be so close yet so far right now] on closing basis until Thursday which marks the 13th consecutive session below this level. If not surpassed on closing basis by Thursday, then the odds of staying below 5032 increase for 1 more week.
9 sessions to go for expiry and it is prudent to take options positions in June series and ideally within 100 points strike on either direction from spot rather than very far OTM culles and pulles
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