Nifty Overview for the week (23/4/2018–27/4/2018)?

  • Jan-31-2019

Nifty closed at 10564, an 0.80% up from it’s previous week close. Though overall sentiment is bullish Nifty facing stiff resistance at 10600 levels and it needs tremendous power to close above this level.

It was a narrow range last week which ate most of the premium on both the sides, a week ahead of the expiry the shorts are being unwinded on both calls and puts and fresh contracts are being created in the May expiry.

Though the broader market is bullish it’s tough to close above 10600 levels and a decisive close below the marked narrow range will bring it to the 10250 levels where the demand zone is.

Maximum open interest for April series is placed at 10700 call and 10500 put options and in May it is placed at 10800 calls and 10500 puts.

People can look to go short in and around 10600 with a SL of ATP above 10620.

The Open Interest of Nifty Futures increased by 8.57%, whereas the PCR is 1.6, India VIX is at 12.93 the lowest since last december

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