Strong support for Nifty at 10,418: Dynamic Levels

Dynamic Levels' Market Outlook:

The Indian Benchmark Index Nifty up to now in the current expiry has traded in a range of about 500 points by making a high of 10,929 and a low 10,418. In the last trading session the Index closed at 10,514.The big players in the market, FII and PRO in Index Options have highest Net open interest of (+) 28690 in April 27 and as on last day, the net open interest is (-) 209901. Therefore they have sold 238591 contracts during the period. So it is difficult for Nifty to go above the level of 10,560 in the current expiry.

However they have bought 80131 contracts in the last trading session. Therefore 10,418, which is the recent low of Nifty can act as a strong support for the current May 2018 expiry.

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