Monday, 14 May 2018

Trade Set Up for the next week. (14th May_18th May)



Nifty has given a closed on Friday at bullish note. 

After a bearish Wednesday and Thursday,  As expected nifty has broken the resistance of 10780-10800 and closed above that which suggest market is bullish but cautious before Karnataka election outcome. 

Election survey suggesting BJP as largest party with a hung parliament. 

 And any change in outcome will certainly put pressure on long positions. so stay cautious before election outcome on your new potions.
Nifty has major support now at 10780 and 10700 breaking below can slip to 10600-10550 where as on higher side 10900-11000 will work as major resistance level where nifty has consolidated for a long time before braking down.
Though the fact is index has closed on bullish note but apart of financial and metal sector market have given side of Bears and seen heavy sell off and profit booking across specially in Mid cap and small cap.

Bank nifty closed at 26410 and having next target of 26540-650 with support of 26200-26000!
And closing above 26540 will make gate open for 26900 -700( Major Resistance)

Call underwriting  on 11000 call at highest level followed by 10900 & 10800 call. call writing also seen addition in OI at 11200 and 11100 with addition of 2.4L and 1.83 contract.
call unwinding been seen at 10900 followed by 10700 which shed 3.60 lakh  and 2.45 Lakh contract.
Maximum open interest in put options was seen at a strike price of 10,600, in which 63.18 lakh contracts been added till date. This could be a crucial resistance level for the index in May series.
Max accumulation been seen at 10600 followed by 10700 and hardly any unwinding been seen at put on any level.

FIIs been continuously seller in the market whereas  DIIs and retailers are net buyer in the market.

Happy Trading

As observe by EMMKAY_RA



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