Friday, 11 May 2018

Market Outlook For Friday : More Pain or Gain

Friday Market Set up: Not a good sign for bull after such a bearish formation in continuation despite of fact Asian and European  Market did well at the time of closing of Indian market.
10790-10800 are not immediate hurdle to achieve 10900 and 10700 holding may stop the pain in continuity free wall toward 10600!

India VIX moved up by 1.09 percent at 14.43. Volatility has been moving upwards from the last eight consecutive sessions from 12.02 to 14.43 levels.

The Nifty Bank index closed at 26,130 The important Pivot level, which will act as crucial support for the index, is placed at 26,040, followed by 25,940. On the upside, key resistance levels are placed at 26,245, followed by 26,360

In terms of open interest, the 11,000 Call option has seen the most call writing so far at 59.27 lakh contracts. This could act as a crucial resistance level for the index in the May series.

The second-highest buildup has taken place in the 10,900 Call option, which has seen 36.03 lakh contracts getting added so far. The 10,800 Call option has accumulated 34.56 lakh contracts.

Call writing was seen at the strike price of 11,000, which shed 5.49 lakh contracts, followed by 10,900, which added 3 lakh contracts as well as 11,200, which added 2.04 lakh contracts.

There was hardly any Call unwinding seen.

Maximum open interest in put options  was seen at a strike price of 10,500, in which 55.43 lakh contracts been added till date. This could be a crucial resistance level for the index in May series.
The 10,600 put option comes next, having added 41.77 lakh contracts so far, and the 10,400 put option, which has now accumulated 37.05 lakh contracts.

Put writing was seen at the strike price of  10,700, which shed 3.89 lakh contracts, followed by 10,300, which added 2.9 lakh contracts.
Put unwinding was seen at the strike price of 10,500, which shed 1.28 lakh contracts, followed by 10,400, which shed 1.25 lakh contracts and 10,300 which shed 1.03 lakh contracts.

For May 11, 2018 stocks such as Balrampur Chini, DHFL, IRB, Jet Airways, Just Dial, PC Jeweller, and Wockhardt are present in this list.

Happy Trading!!

Emmkay - As observed.

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