Here is the Nifty OrderFlow charts of today
First the Nifty March :
The chart shows red near the open and lots of green at the close.
It seems that this was used as an intra day instrument today and reflected the movement of the Nifty,
The larger green at the close seems to suggest that all intra and some positional shorts also booked profits.
NF Feb :
This green could be shorts from earlier closing out or rollovers .
I have always stressed the need to see delta with Open Interest and delta needs to be treated softly around early series or expiry as OI complicates matters.
RM's work on OI : https://docs.google.com/spreadsheet/ccc?key=0Ase3dtbFwQWUdFFpWFFudkx1VV9XVUQ1cjllVlFyVGc#gid=0
is a must read for anyone trading using delta.
BankNifty march :
BankNifty Feb :
I've put both charts togther in BNF for the 2 months to see the big divergence between price and delta today.
Clearly it tells me that the fall was not on strong hands and may be retracced soon.
We will wait for that confirmation.