New series - new hopes ...
Next series interesting observations:
Nifty futures OI:
August series starts off with OI of 2.6Cr whereas July series began with an OI of 2.96Cr
OI deficiency this series was due to profit booking/long unwinding (21L futures contracts) seen a few days back - on 26th July - in the price range 5463-5422.
Banknifty futures OI:
August series starts off with a MONSTROUS OI 27L compared to just about 19L on first day of July series.
This to me is a bearish sign especially because most of the rollovers have come above 10000. There were at least 4 gap ups on the way up to 10000. So watch out for air pockets top POP. If a serious selling starts in Banknifty it could tank 300+ points in 1 day.
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