Nifty outlook for May Series

• FII's bought 49962 contract of Index Futures worth 1710 cores with net OI decreasing by  2 lakh contracts. So on expiry day FII's squared off most of shorts they were carrying as  rollover in the Nifty at around 59% is lower than the three-month average of 65%, indicating FII's sees the risk of taking bullish or bearish bets is far too high ahead of the election outcome on May 16.

As discussed in last analysis in Elliot wave chart of NS  Nifty made an exact high of 6861. Now for Friday Range of 6895-6909 is crucial range as per Elliot wave, Crossing and sustaining the same  nifty can

Continue Reading