Open Interest Analysis

[Jayakumar.int]

Nifty 10583(+92) BankNifty 25688(+385)

Nifty futures open Interest went up by +3% indicating addition of fresh longs. Technically, Nifty(spot) seems to be heading towards its resistance of 10630-10650 levels. The crucial GDP data that’s expected on Wednesday evening may influence the next major movement in Nifty.

OI in BankNifty went up by +2.5% as Longs are added. BankNift(spot) rose sharply in the last two sessions, it may stay in the range of 25550-25950.

 

[Jayakumar.int]

Nifty 10554(-28) BankNifty 25384 (-304)

Nifty futures open Interest increased by +4.4% indicating fresh shorts as Nifty failed to break above its resistance of 10650. It seems Nifty had formed a wider range of 10300-10650, it has to break this range for any short term direction.

OI in BankNifty declined by -5.1% indicating wind up of long position as the PNB scam dragged BankNifty once again. Technically, BankNifty(spot) would stay weak below 25750.

 

[Jayakumar.int]

Nifty 10493(-62) BankNifty 25107(-276)

Nifty futures open Interest stayed almost flat +0.7% with Nifty staying volatile in the last session. GDP data that came after market hours was better than expectations at 7.2%. This may have a positive impact in Nifty with resistance at 10600-10650 levels.

OI in BankNifty increased marginally by +1.4% indicating addition of short positions. Technically, BankNifty(spot) may stay with positive bias if holds above 25000 levels , may test the resistance of 25500-25600.

 

[Jayakumar.int]

Nifty 10458(-35) BankNifty 24903 (-205)

Nifty futures open Interest increased by +5.2% indicating addition of fresh Short positions, as Nifty failed to hold above 10500 levels. Technically, Nifty(spot) would stay weak below 10530, but the victory in recent elections for the ruling BJP may keep the market sentiment positive.

OI in BankNifty declined by -2.2% indicating windup of long positions. Technically, BankNifty(spot) may stay weak if breaks and holds below 24850 may head towards 24650-24550. On the upside, 25250 would be the near by resistance.

 

[Jayakumar.int]

Nifty 10359(-100) BankNifty 24819(-84)

Nifty futures open Interest increased by +3.1% indicating further additions of Short positions. Technically, Nifty(spot) may stay with negative bias below 10450 levels, with near by support at 10280 and 10230.

OI in BankNifty remained flat as BankNifty(spot) bounced from its intraday low of 24682. A break and stay below 24750 is required for further downside.

 

[Jayakumar.int]

Nifty 10249 (-110) BankNifty 24448(-370)

Nifty futures open Interest increased by +5.1% indicating further addition of Short positions as Nifty slipped below its recent trading range of 10300-10600. Technically, Nifty(spot) has weakened further below 10330 it may head towards its 200day moving average of 10128, if fails to move above 10330.

OI in BankNifty increased by +8.1% as Short positions are added. Technically, BankNifty(spot) had closed below its 200day moving average of 24754 after a long time indicating bearishness. It may head towards its next support level of 24100-24000.

 

[Jayakumar.int]

Nifty 10243(+88) BankNifty 24478(+344)

Nifty futures open Interest declined by -3.1% as Shorts got windup with Nifty taking support around 10150 levels. Technically, Nifty(spot) had formed a hammer pattern in candlestick chart indicating a possibility of bounce back towards 10330-10350 levels.

OI in BankNifty declined by -3.3% indicating covering of short positions. Technically, BankNifty(spot) bounced from its lows of 24000 levels, may head towards its resistance of 24800-24850 levels.

 

[Jayakumar.int]

Nifty 10227(-16) BankNifty 24296(-181)

Nifty futures open Interest stayed flat(-0.8% ) as markets remained volatile but Nifty stayed above 10150 levels. Technically, Nifty(spot) may stay with positive bias as long as it closes above 10150 may head towards 10350-10380 levels. Markets would react to economic data’s of IIP and Inflation this week, the result of by-election to U.P Loksabha seat may also influence market movement.

BankNifty OI stayed almost flat -0.6% as when compared to Nifty it stayed weak on the last session. Technically, BankNifty(spot) may stay in the range of 24000-24550, a positive IIP and Inflation may help it to move ahead.

In the coming week market may react to couple of economic data’s and events.

IIP : Monday(Mar 12, 2018) after market hours: Markets would keenly watch these data’s to ascertain whether the economic recovery seen last month able to sustain or not.

CPI Inflation: Monday(Mar 12, 2018) after market hours: Inflation after hitting highs cooled down last month and its expected to fall further which would be good news for markets.

WPI Inflation: Wednesday(Mar 14, 2018) : At 12 Noon.

U.P by-election results: Wednesday (Mar 14, 2018) around 10AM: Results of by-election to the two Loksabha seats in U.P would be known on Wednesday, its important as the ruling BJP won most of the seats in 2014 elections and the opposition parties SP and BSP have now come together to defeat the ruling BJP.

 

[Jayakumar.int]

Nifty 10421(+195) BankNifty 24664(+368)

Nifty futures open Interest declined by -1.1% as Short positions got windup. Market sentiment may stay positive on back of strong IIP and lower Inflation. Technically, Nifty(spot) may stay with positive bias above its support of 10330 levels, next resistance for Nifty would be above 10490-10520.

OI in BankNifty increased by +4.3% indicating addition of fresh long positions as BankNifty(spot) broke above 24550 levels may head towards 24800-24900 levels.

 

[Jayakumar.int]

Nifty 10427(+5) BankNifty 24739(+74)

Nifty futures open Interest declined further by -1.9% as Shorts got windup with Nifty staying above 10400 levels for the second straight session. Technically, today’s intraday movement suggest that the bounce back from 10150 levels has resistance around 10500 levels. Nifty(spot) may consolidate as long as stays in the range of 10350-10500.

OI in BankNifty reduced by -4.8% as BankNifty(spot) hit 25000 on intraday basis, its expected to stay in the range of 24550-25000 any break in this range would set the next trend.