This is a follow up to an earlier post this afternoon on the BankNifty Futures
That post (http://vtrender.com/open-drive-today/) showed Open Interest buiding up in the bankNifty March series as we were headed for a close at session highs based on the Open Drive .
The chart below is what happened to that Open Interest in the last 20 minutes of trade after 3.10 pm.
So even though we closed at highs most of the March series longs cleared out of their new longs as well as some from over the weekend with a net result that we closed down 1001 contracts today compared to Friday.
The charts below are courtesy myfno.com
However if you note the April Futures we had a buildup which was carried into the close.
So longer time frame money tracked the BNF from the Open and were comfortable to carry their positions overnight. This money is longer term and is expected to hold their positions into mid or end of next series.
For the record 7593 long contracts were carried into the close in BNF April.
This chart below is the rollover chart showing the new longs in April and the long liquidation noticed in the March chart
The Previous seller in April series was at 12352. He covered his positions early in the morning
These new buyers noted above have come at 12457 and 12481 April as the blue buying in the pane below shows
