Nifty is heading towards 9000 and beyond 8800
Last week FII continue to build shorts in May month NIFTY Futures and they are long on 9000 8900 and 8800 ….
This month Call option maximum at 9200 (on friday even 9100 and 9150 added some OI ) .
Throughout this week it failed to break the previous highs and every time it went up it came further down …
This month PUT option max OI in 9000 and 9100 and not seen heavy reduction in OI 9200 9100 and 9150…
RSI and MACD continue to show bear signal …
This month it may stay above 9000 and next month probably it is heading down further (with the available data ) unless it fails to break 9250 – 9300 …
If it breaks it may move upto 9500 or so based on call option data …..