* FIIs have made long position in Index future as well as in cash. They are on net short side with 70% short position still Index is about to touch life time high. FIIs position is looking manipulative before FED meeting and most probably market will decide it's further direction after FED meeting which will held on Wednesday 11.30PM.
* Today whole day dow future was trading on lower level and during closing of Indian market dow future was down by around 250 points. American market opened gapdown but within one hour it completely recovered and now trading just flat to negative. There is huge volatility in US market.
* Today after gapdown opening banknifty tried to break it's previous day low but couldn't break and recovered sharply. Already 3 weekly expiry has gone and day after tomorrow there will be 4th weekly expiry still banknifty future open interest is very low around 2 million. Low open intrest indicates that there are very less participants in the market.
Seems like our market is also waiting for FED decision.
* India VIX is at 20 . Before an important event VIX increases. Option premiums are a little high due to 20 VIX.
* WHAT TO DO FOR TOMORROW -- It's high probability that tomorrow banknifty will open gapup. After opening gapup immediate resistance for banknifty will be 41000 and above it next resistance will be 41400/41600.
If banknifty open gapdown then we can plan to go long partially at 40800 and if banknifty further go down then long at 40600.
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