Medium Term Trend: ↑UP (down below 11550)
Volatility to the fore: Nifty opened around 10725 levels and entire day kept making sudden volatile moves between 11690 and 11780. It finally closed at 11737 up 30 points.
Even though the trading range was small today there were plenty of see saw movements throughout the day which must have given nervous moments to traders. There were more than couple of occasions where Nifty threatened to break 11675 on the downside and 11800 on the upside but every time it reached these levels it retreated.
Market for now is keeping the traders guessing, it has not yet made a conclusive move yet. A close above 11850 probably would have settled the issue in favor of bulls and close below 11650 in favor of bears but markets chose to close bang in the middle.
Yesterday we had mentioned that 650-700 range is pretty important for markets and after such a big one sided fall yesterday, it failed to give a follow up selling below10680 ( thought it threatened to go below it multiple times). Which for now shows the levels mentioned by us are actually important and are in play. So we maintain the same stand even now, since 11700 was held second day in a row there is a likelihood of markets going up from here ( however if the support level breaks then we are looking at lower levels once again).
Nifty OI continue to be light ( around 1.7crore) and added around 10 lakh shares in open interest today. Nifty is constantly losing OI whenever its falling and adding it on the days when its moving up.Nifty 12K call OI has now reached around 40 lakh shares and crossing 12K levels in May series is looking slightly difficult now ( thought it can be tested certainly)
Volatility to the fore: Nifty opened around 10725 levels and entire day kept making sudden volatile moves between 11690 and 11780. It finally closed at 11737 up 30 points.
Even though the trading range was small today there were plenty of see saw movements throughout the day which must have given nervous moments to traders. There were more than couple of occasions where Nifty threatened to break 11675 on the downside and 11800 on the upside but every time it reached these levels it retreated.
Market for now is keeping the traders guessing, it has not yet made a conclusive move yet. A close above 11850 probably would have settled the issue in favor of bulls and close below 11650 in favor of bears but markets chose to close bang in the middle.
Yesterday we had mentioned that 650-700 range is pretty important for markets and after such a big one sided fall yesterday, it failed to give a follow up selling below10680 ( thought it threatened to go below it multiple times). Which for now shows the levels mentioned by us are actually important and are in play. So we maintain the same stand even now, since 11700 was held second day in a row there is a likelihood of markets going up from here ( however if the support level breaks then we are looking at lower levels once again).
Nifty OI continue to be light ( around 1.7crore) and added around 10 lakh shares in open interest today. Nifty is constantly losing OI whenever its falling and adding it on the days when its moving up.Nifty 12K call OI has now reached around 40 lakh shares and crossing 12K levels in May series is looking slightly difficult now ( thought it can be tested certainly)