FII FnO Analysis for April Expiry

1. FII  sold 13686  Contracts of NF worth 314 cores OI also increased by 77488.
2. As Nifty Futures was down  by 26 points and OI has increased  by 77488 , ieFall in Price with Rise in Open Interest,Fresh shorts were added by FII.
Today we saw an huge increase in OI and with S&P coming with a negative outlook on Indian Sovereign and Downgrading the 3 IT top boys Infy,TCS and Wipro and also downgraded  11 financial institutions:
Axis Bank Ltd. (BBB-/Negative/A-3) Bank of India (BBB-/Negative/A-3) HDFC Bank Ltd. (BBB-/Negative/A-3) ICICI Bank Ltd. (foreign currency: BBB-/Negative/A-3) IDBI Bank Ltd. (foreign currency: BBB-/Negative/A-3) Indian Overseas Bank (BBB-/Negative/A-3) Indian Bank (BBB-/Negative/A-3) Infrastructure Development Finance Company Ltd. (BBB-/Negative/A-3) State Bank of India (BBB-/Negative/A-3) Syndicate Bank (BBB-/Negative/A-3) Union Bank of India (BBB-/Negative/A-3) The outlook revision follows a similar action on the sovereign credit rating on India (BBB-/Negative/A-3) (see "Outlook On India Revised To Negative On Slow Fiscal Progress, Deteriorating Economic Indicators; 'BBB-' Rating Affirmed," published April 25, 2012, on RatingsDirect on the Global Credit
so the above has provided trigger to FII to enter in Huge Shorts in Index Futures.
3. From the start of April Series i was of View this series will just be an consolidation series after volatile march and Range we came to was 5221-5380 NF. Most part of series Nifty  has traded in the above mentioned range. 29 March Nifty..

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