Nifty 10332 (+6) BankNifty 24873(+113)
Nifty futures open Interest increased by +2.8% indicating addition of fresh short positions, irrespective of Nifty(spot) staying above 10300 levels Shorts that was created on April 04th remained intact indicating traders are expecting market to break below 10250 and 10200 amidst weak global indices.
OI in BankNifty declined by -2.4% indicating wind up of short position as BankNifty(spot) neared 25000 levels. Technically, BankNifty(spot) would find 25000-25050 as tough resistance, it has to close above 25050 for any further up side. On the other hand, 24550 would be the near by support.
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Nifty futures open Interest increased by +2.8% indicating addition of fresh short positions, irrespective of Nifty(spot) staying above 10300 levels Shorts that was created on April 04th remained intact indicating traders are expecting market to break below 10250 and 10200 amidst weak global indices.
OI in BankNifty declined by -2.4% indicating wind up of short position as BankNifty(spot) neared 25000 levels. Technically, BankNifty(spot) would find 25000-25050 as tough resistance, it has to close above 25050 for any further up side. On the other hand, 24550 would be the near by support.
View attachment 24702
How can we say it is short addition and not long position addition? I think market is bullish in short term so OI addition is from long side...Can you tell me the rationale behind the conclusion that OI addition in NF is on Short side? If it is Weak global indices then one can say reduced OI in BNF is long unwinding...How can we say it is short unwinding?
I appreciate your efforts on a tricky concept...
Best Regards,
Praveen