Nifty slid and closed below 13 and 21 DMA. It'd ideally target the 34 DMA which is currently at 6656. But along the way, there is a cluster of supports between 6678 and 6689.
Financial Institutions are not very ambitious about their shorts, and are grabbing every opportunity to square off their positions.
In the FUTIDX section we saw some significant short covering towards 14:30, however that lead to more shorts finding their way into the system.
The 6900 May Series Call, might become very attractive below 160 odd levels.
So tomorrow Nifty might trade between 6688 to 6762 levels, approximately. All the Best!
- Price Action: On Tue 29 Apr 2014, the CNX Nifty Index opened at 6769 ( -10 Points Lower than Previous Opening Price ) , made a high of 6779.7 ( -7 Points Lower than Previous High ) it made a low of 6708.65 ( -42 Points Lower than Previous Low ) closed at 6715.25 ( -46 Points Lower than Previous Close ). The Volumes were 115,511,531 ( -2% Lower than last trading session, and about -23.8% Lower than Average. The Volume figures were about -77.13% of Standard Deviation Below the Mean, and it was not an outlier figure. Nifty closed in the Q1, the First Quartile of it's True Range. The Color of the candle was Black with the wick was equal to 10.7 Points, and the body was equal to 53.75 and lower shadow was equal to 6.6
- Momentum: The BSAR Pivot is at 6747. The RSI (14) is at 53.8 Dn by 5.3 points from previous close. When CNX Nifty is rangebound, RSI (14) tends to get Overbought above 67 Oversold below 40 The W%R (29) is at -35.3 Dn by 10.5 points from previous close. When CNX Nifty is rangebound, the W%R (29) tends to get overbought above -5 and Oversold below -68. The RSI (5) smoothed using Inverse Fisher Transform is at 4.1 a change of -22.9 points; the minimum value achieved in last three session is 4.1
- Trend: The ADX (14) is at 32.4 Dn by 2.2 points from previous close. The VHF(29) is at 0.38 Dn by 0 points. For CNX Nifty the ADX (14) usually hovers between 35 and 15 and VHF (29) usually hovers between 0.46 and 0.24
- Moving Averages and Pivot Points: The 5 Day Moving Average is at, 6761; and the Short Term 13 Day Moving Average is 6753; and the 34 Day Moving Average is at 6656; and Medium Term 50 Day Moving Average is 6503; and the Long Term, 200 Day Moving Average is at 6124. The Market Structure is Technically Speaking, BULLISH
- Market Breadth: As on Tue 29 Apr 2014, the Market Breadth was 0.69, which is considered as Poor , while at the end of the last trading session it was 0.99. The McClellan Oscillator reading was -8.86, which is considered as Normal
- Nifty is going to be Extremely Over Sold at 6669, Over Sold at 6696 the mean is at 6762, Over Bought at 6827 and Extremely Over Bought at 6854
- Volumes: On Tuesday 29 Apr 2014 Volume was 115,511,531 which was Below Average. For the next full trading session the Volumes are expected to be Below Average - somewhere around 131,800,000. The MFI reading was 46.2 while previously it was 44.3. The MFI tends to get Overbought above 72 and Oversold below 38
- As per the EOD data available, the 2 EMA of Force Index (FI) read in conjunction with the 13 EMA of FI and 21 SMA of Closing Prices indicates that Nifty is currently IN A DOWNTREND
- Index Futures: The Open Interest in Futures at the End of the Day Tuesday 29 Apr 2014 was 13,900,100 while previously it was 14,727,850 a change of -5.62% The Cost of Carry of the Current Series Expiring on 29-May-2014 was 8.13% while previously it was 10.19% while the change in Open Interest was -6.29% which might suggest LONGS UNWINDING in the Current Series. The Cost of Carry of the Mid Series Expiring on 26-Jun-2014 was 6.03% while previously it was 7.14% while the change in Open Interest was 3.29% which might suggest SHORTS ADDITION in the mid series.
- Index Options : The Open Interest in Options at the End of the Day Tuesday 29 Apr 2014 was 69,439,250 while previously it was 65,656,850 a change of 5.76%
- The daily VIX closed at 31.05, while previous close was 31.39, a change of -1.07% Lower than previous close. While the Normal Range for India VIX is 26 to 13
- The Index PCR is 0.9 while yesterday it was 0.8 a change of 0.1 or 12.5 %, which might suggest that more puts have been written and added into the Open Interest -- and while the normal range is 1.11 to 0.85 The Index Futures Volumes are likely to go up in the context of 2 to 5 days. On the other hand the Index Option Volumes are likely to go DOWN in that same period The Index Options PCR is likely to remain depressed for next few days, which could indicate that a bearish sentiment might prevail amongst the majority of Option Writers for next few days
- Highest Open Interest in Calls is for 7000 with Open Interest at 3,766,150 a change of 15% and IV of 29.6.
- Second Highest Open Interest in Calls is for 6800 with Open Interest at 2,777,450 a change of 13% and IV of 30.11.
- Largest Change OI in Calls is for 7000 with Open Interest at 3,766,150 a change of 15% and IV of 29.6.
- Lowest IV in Calls is for 5900 with Open Interest at 62,350 a change of -1% and IV of 28.25.
- Highest Open Interest in Puts is for 6500 with Open Interest at 3,117,750 a change of 6% and IV of -.
- Second Highest Open Interest in Puts is for 6800 with Open Interest at 2,781,500 a change of 13% and IV of 30.88.
- Largest Change OI in Puts is for 6800 with Open Interest at 2,781,500 a change of 13% and IV of 30.88.
- Lowest IV in Puts is for 7300 with Open Interest at 26,850 a change of -1% and IV of 29.19. For June Series
- Highest Open Interest in Calls is for 7000 with Open Interest at 662,950 a change of 7% and IV of 23.51.
- Largest Change OI in Calls is for 6700 with Open Interest at 418,300 a change of 39% and IV of 24.09.
- Highest Open Interest in Puts is for 6800 with Open Interest at 847,450 a change of 0% and IV of 27.68.
- Second Highest Open Interest in Puts is for 6000 with Open Interest at 701,000 a change of 6% and IV of -.
- Largest Change OI in Puts is for 6000 with Open Interest at 701,000 a change of 6% and IV of -.
- Lowest IV in Puts is for 6800 with Open Interest at 847,450 a change of 0% and IV of 27.68.