So we have this thumb rule for the data to form a view and has been shared through our videos and slack community multiple times.
- For BULLISH view – LONG in FUT + (Short in PUTS/long in CALLS) OR LONG in FUT + (Short in PUTS/unwinding in CALLS)
- For Bearish View – SHORT in FUT + (Short in CALLS/long in PUTS) OR SHORT in FUT + (Short in CALLS/unwinding in PUTS)
- For Neutral View – First Indication: Contradicting position in Fut at almost about the same prices with no follow-up activity from either LONG/SHORT fut side later in the day of Big qty. Second Indication: Short in options on both calls/puts and no major unwindings on near strikes.
We have decided to write a series daily posts to log the opening hour data and market movement by the day end to draw some insights on different kind of day’s that have developed and what the data was suggesting in the opening hour. It is pertinent to note here that the opening hour data is very crucial for the rest of the day and hence we have considered drawing insights from it.
Futures data
Puts data
Calls data
Based on the data all the three sets of data were only suggesting a clean BULLISH view in the morning and price didn’t like stay below the morning low of 10458 made in the first buying interval after probing through opening 10 min interval low one time as it made low of 10443.
The market has made highs of 10598 later in the day and we have not seen any significant shorts(>=100k) coming up after the opening hour.