Market Analysis 11 April 2019

Yesterday Nifty and Bank Nifty saw Little Unwinding in their Longs.

Nifty Spot to Test 20 DMA at 11530 and Support could come around 10500-10530.

Bank Nifty has closed just below 20 DMA of 29830. Major contributor to this fall was from HDFC Bank. Since there was a Block deal yesterday Close below 20DMA does not have much importance as Bank nify would be in neutral if we remove HDFC Bank.

Fresh Shorts were added in HDFC Bank,ICICI Bank.

Major dip in 11600 and 11500 Open Interest was seen.

11480 would act as support.

Huge Selling pressure would come in the range of 11700 which saw Significant addition in Open Interest.

For Bank Nifty 30000 calls saw huge increase in open Interest .

Huge decrease in Open Interest was seen in puts of bank nifty 29700-29500 would act as intermediate support levels.

Resistance would be at 30000 and 30300 and do not expect nifty to go beyond 30500 in any condition.

Market View : 11530-11650 Range Bound to mild positive .

 

 

 

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