Update 11th June

75 minutes after the day open the high of the day is near the open print.

This open price needs to be monitored to see if buyers can push it above this level towards 5155.

On the lower side a break of 5107, should bring 5082.

Watch price volume reactions at both these points.



Short Nifty at 5127, Sl 5137. target 5107.

High Risk.



My stop taken in Nifty short call.

High so far has been 5138.

The stop was chosen based on prev highs at 5137 on 4th of June. Maybe I should have given it 2 points more…

I am not comfortable initiating intra-longs here, purely because of risk-reward.



Open Interest analysis :

18.45 lacs added at 5200 call and 10.97 lacs added at 5000 put.

This seems to be the larger range where we will operate next week.

Looking at the Market Profile chart, we now have pivots at 5028 and 5177.

I will post the updated chart EOD.



It’s turned out to be a neutral day, with enough in it for the seller who sold closer to the previous high and the buyer who bought near the gap fill.

We were looking for a shorting opportunity per our end of day view yesterday where we mentioned that the opening print would have most of the day’s highs. Buyers moved it nine points above that but were met with strong sellers.

Buyers stepped up near 5092 to lend the profile a balanced shape.

We’ll keep tracking the moves between 5177 and 5025 next week.

Have a good weekend !