Watch the last column. It is change in Open interest as compared to previous day.

Major position in Nifty & Bank Nifty being built ahead of Budget.

It is up to you to decipher the outcome.

Open interest of current and next month taken into consideration.

Nifty…. Bank Nifty
The change in open interest in April and May expiry is comparable and that too in early March.

Whenever such phenomenon occurs, a major top or bottom is usually created in far month.
I am generally a little humble in posting my views. However, mark my words, we will revisit this tweet on expiry of May series.
Plan your trades well.
#MidnightOil studies

The week that passed by was a tough one. A down day followed by two consecutive up days and thereafter two consecutive down days.
Nifty gained 15 points over the course of the week.
The index is currently at around the 30 and 50 day SMA.

The RSI (14) continues to hover at the equilibrium zone. The sharpness of rise in RSI (14) a week before is indicating dips should be utilized to enter long. However no price confirmation is seen on the charts.

The open interest change is as flat as it can be after the initial short covering post the budget. This suggests lack of commitment from traders.
Till the data sets change, a trading market for the index can be expected.

Supports at 12020 (13 day SMA) and thereafter at 11932 (100 day SMA)
Resistances are quite prominent at 12165, 12240 and 12285 (based on swing highs).
The volatility is likely to continue as suggested by 5 day compression chart a week ago.

Weekend review of Nifty
Last week I had anticipated 10320 to 10335 might bring in supply. My view in previous week was some selling was expected in the course of the week. Being vindicated by market gives me immense pleasure and satisfaction.

The three trends analysis
Primary: Down
Intermediate term: Up. The trend will turn down only if lower high lower low sequence is formed in daily charts by close. As of now it is premature to say previous upside trend has reversed. ......

......(This is as per Dow theory, whose major drawback is signal generated is too late)
Short term: Up : The short term uptrend which began after lower opening on Friday is still up. It takes a small swing for itself to turn down....

........ As of now move below 9894 will disturb the trend. (13 SMA often provides vital clue on it. It is presently placed at 9894
Supports & Resistances
Major swing high/ swing low nearby are at 9544(Friday’s low)---9889--- 10000---10333---clusters at 10585 to 10670

Unfilled gaps are visible at 10751 to 10827 on higher side. Two other gaps one on lower side the other on higher side was filled by the index previous week.

Previous week the price with respect to moving averages had deviated too much......