A generally bullish day expected with an open of 5138 which is above value and Friday’s range. For the purists, it is also an open above previous resistances.
To us, it signifies that buyers are back in control and ready to push the market up.
5156 and 5177 would be levels to watch on upside.
On the downside 5127/ 5137.
Please refer to weekend chart.
Also keep an eye on the ES at 1090 now and above our 1083.
Bank Nifty battles 9475.
9475 is the POC from last months value. Also there exists another high value node at 9500 levels. Above these 2 prints, bank nifty should make a quick dash to 97xx levels.
Sell bank Nifty
Cost : 9460
Sl : 9510
Target : 9385
Open Interest analysis :
16 lac puts have been added at 5100 and 12 lacs at 5200.
Against this, 560,000 calls have reduced at 5100 with only 178000 added at 5200 out of these.
The reduction at 5100 and the lack of addition of a similar quantity at 5200 speaks of the changing bias of the market. Buyers are in control.