Nifty 15-min chart for last 10 days:
3 back-to-back gap ups and looking at INFOSYS gap down today - I wouldn't be surprised if we fall 100 points in a day or two
There's definite -ve divergence. I know -ve divergences can be killed by a sharper upmove. But are so many gap ups sustainable?
Here is the OI pattern for Nifty:
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Nifty %OI Change
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5237.1 -1.78%
5235.9 2.30%
5289.05 -1.59%
5241.1 0.59%
5296.85 -6.61% ==> Short Covering
5352.45 2.59% |
5383 1.92% | ==> Longs after 2 gap ups. Can easily be screwed if market gaps down
5400.65 0.78% |
Here's Banknifty 15min-chart for last 10 days:
BN Futures OI:
9381.4 -0.75% |
9464.6 -4.21% | ==> Short covering
9349.4 -10.51% |
9357.15 4.00%
9385.35 -5.87% |
9550.9 -0.35% | ==> more short covering
9449.25 -4.52% |
9566.6 1.30%
9713.7 11.99% |
9850.6 16.35% | ==> I am sure dumb longs are in during the 2 back to back gap ups
9931.6 7.24% |
And lastly, FIIs turned net sellers in stock/index futures but by small amount. Will update more tomorrow.
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