Understanding the Market Data for the Prediction of Nifty, Banknifty and Finance Nifty Trend for Monday 24 April Trade Plan.
Let me first connect you with what we have explained for friday our view was market is in the profit booking Zone and their is a possibility that market participants may remain Highly Active in the Zone of 17419 to 17650 and this may Act as a New Zone of accumulation and hands may be changed and this comes with the option chian also where we have seen the highest open interest on 17700 ce option have highest open interest and fii till date whatever invested have came to a point with limited investment and booked maximum profit at present
Fii are Net 316.67 crore means they have nearly sold their total purchase of 84,729.19 crore
Dii are Net Buy of 342.32means they Have totally Sold their total Purchase of 76,877.84 crore
Now we are at a point where we have maximum ce writers on upside above 17650 so what are the new possibilities as per trend of global market we have a positive expectation of market opening so it may be considered as a last round of profit booking and possibilities are we may see the short covering among ce writers now if this ce writing shift to so sme higher side and significant pe writing if happen possibilities are we may have a new consolidation Zone of 17650 to 17819 .
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From the Desk Of
Gaurav Sharma
Sebi Registered Research Analyst
INH100008726