The first day of the series would start tentatively with the market wary about the RBI policy decision on tuesday.
We are expecting big money to be on the sidelines till that decision is out.
Here are the charts of April contract
The BNF was a trend day up until the expiry related fall of 200 points near the close today.
The drop was fast and took the BNF to intra support of 12710 and below day vwap of 12754.
For tomorrow 12710 is a support below which the index should look at 12615 again
Below 12615 the profile shows a drop to 12460 or 12500 to repair a minor anomaly there.
Staying above 12710 can keep the index in line to see 12846 and repair the fall from those levels.
The NF chart above showed initiative buyers early and responsive sellers coming in expiry hour.
The profile was balanced and ended up symmetrical even though the buyer controlled most of the day.
6691 vwap is important for the positive bias tomorrow.
Weakness will confirm in NF if it trades below 6648 tomorrow. If that happens one can buy some OTM puts of 6400 or 6500 as the market is set to weaken to levels of 6500 and then 6360 possibly.
