April 25, 2018

Market outlook

Daily charts
- trend is up on daily charts
- today, NF closed 0.4% in negative at 10570
- AD was 1:2
- so far the option writing level of 10500 is being defended





5 min charts
- did not trade today/ will not trade tomorrow
- rangebound day
- breakout failure ... short at upper end of range was only reliable short trade
- short on break of lower end of range would have given limited profits
- in addition, very strong support around 10500 would have discourage bears



15 min charts
- support 10525 F
- note from 17th April, any indicator would have given multiple whipsaws in 15 min charts
- this is due to rangebound nature of the market



Open interest distribution - next month
- big range 10000 to 11000

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