There are "OB" readings in very short term but no such factors are visible in daily.
Basic minimum requirement for this "e" wave is complete and hence Nifty can do either side moves from here on. ( It can go upto 3050-3100 or break below 2860 and reverse the trend).
Technically it is in uptrend and only a fall below 2860/2840 will invite heavy selling.
Hourly channel was broken today. However, the daily channel is intact. Higher number of shorts have been keeping this market buoyant thus far. One needs to check the exchanges to verify the delivery % to know the sustainability of this upmove.
5 comments:
Thanks Ilango...
sir how do you stream your data into the excel so beautifully?
few more basic qs ...on Open Interest...OI is defined as number of outstanding contracts at the end of the day...Now in todays NSE stats ...for Feb Nifty Future
No of contracts traded -- >696285
OI --> 30967800
Now OI keeps changing on daily basis as contracts are opened/closed.Why is the OI so high (almost 3crore) .Does this mean there were 3crore or prob more (since OI can be higher tom or yest)number of Feb Nifty Future contracts issued .how doe we relate the number of contracts traded and OI in a day??
Interpreting the OI is the confusing part...I understand that OI shld be read along with price behaviour to get some sense out of it.
Let me take OI to volume ratio itself.Does higher OI/Volume ratios (in Calls) indicate the accumulation of more calls and prob rise in price of security.
Hi Wroodrah,
I will detail it to you..Give me your mail ID pls.
Regards.
Hi Shaq,
OI, Daily contracts added v/s price & volume is a detailed study which I do not go into though if sufficient efforts are put into it, will throw more clarity on mkts internal strength & weaknesses.
Best regards.
ilango
dear ilango
you blog is very informative.
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