After Friday’s up-move, Today’s Nifty opening came at 5230 level. Asia is mixed bag today Nikkei 225 and Hang Seng is down 1.5%, Shanghai composite is also trading flat to negative and it has recovered from its days low.
Nifty will face good resistance at 5280 and 5330 only major support area is at 5120 (100EMA) in between minor support area’s are there like 5230 and 5180, but they don’t require much effort to break below if markets gain momentum on the downside.
Indian Markets are expected to trade in a dull trading session today, volume are expected to remain lackluster and volatility is expected to decrease, So a range-bound trading session is ahead of us and expected range could be 5220 to 5250.
Lets take a quick look at F&O data-
Nifty Open Interest PCR is at 1.15 unchanged
Nifty 5200 Put added 8 lakh shares in Open Interest
Nifty 5300 Call added 9 lakh shares in Open Interest
The overall mood is bearish.
Market Strategy: Technical bearishness is creeping in and a sudden break-down from these can not be ruled out. we have rolled-over our Apr Nifty Short position into May.
for performance calculation we will assume Apr Nifty expiry as square off position for existing Shorts and point where fresh Short were initiated for may.