How to trade Nifty Future for 23 Nov 2012

By | November 23, 2012

1. FIIs  sold 1041 Contracts of Index Future (NSE Nifty Futures and Bank Nifty Futures combined),worth 36 cores with net Open Interest increasing by 12953 contracts.

2. As Nse Nifty Future was up by 18 points with Open Interest in Index Futures increasing by 12953, so FIIs again initiated buying  in Nifty and Bank Nifty Futures. Nifty Futures made a peculiar low yesterday of 5555.55 which is termed as a magic number by many Technical Analyst and we are up 100 points from this level.

3. NS closed at 5628 after making a high of 5643 and low of 5608.As discussed on Tuesday Nifty has typically formed a double bottom formation which is having bullish implication if it does not get violated for next 3 days. Today was the 2 day we protected the 5548 levels, and market closed well above 5600.We have weekly closing today and Best outcome for Bulls is to close Nifty above 5641 levels. Range of 5636-5652 will tricky range.

4. Resistance for Nifty has come up to 5643 and 5652 which needs to be watched closely ,Support now exists at 5614 and 5608.Trend is Buy on Dips  till 5586 is not broken on closing basis.

5. Nifty  Future November  Open Interest Volume is at 1.34 cores with liquidation of  5  lakh in Open Interest,longs booked profits. Cost of Carry of NF increased to 12.69.

6. Total Future & Option trading  volume was  at 1.23 lakh  Cores  with total contract traded at  1.66 lakh,  PCR (Put to Call Ratio) at 0.95 and VIX  at  14.91. As discussed in last few sessions  Futures volumes are again high in today’s which again suggests short covering and buying by smart money. This theory holds valid till 5549 is not broken. Our Theory gave us 100 points in 2 days 🙂

7.  5800 Call Option  is having  highest Open Interest of 86 Lakhs with addition of 0.39 lakhs in Open Interest  ,5700 Call Option  liquidated 0.31 lakhs  total OI at 81 lakhs ,5600 Call Option liquidated 1 lakhs in OI as Nifty closed well above 5600 and should now act as support. 5300-6000 Call Options liquidated 9.6 lakhs in OI.

8. 5500 Put Option is having  Open Interest of 91 lakhs with addition of 4.3 lakhs in OI. 5600 PE added 11 lakhs in OI so Bulls are again trying to capture and make base at 5600 .5300-6000 Put Options added 12 lakhs in OI.Such a huge addition present a very bullish picture.

9. FIIs  buying in Equity in tune of  114.76 cores and DII  sold 164 cores in cash segment.Indian Rupee ,INR closed at  55.26 Live INR rate  @ http://inrliverate.blogspot.in/).

10. Nifty Futures Trend Deciding level is 5615(For Intraday Traders), Trend Changer at 5684 NF(For Positional Traders). (Above this Level Bulls will rule Nifty/Below this levels Bears have upper hand).  Bank Nifty Future Trend Changer Level 11506.

Buy above 5630 Tgt 5640,5652,5661

Sell below 5614 Tgt 5600,5584 and 5569(Nifty Spot Levels)

Disclaimer: These are my personal views and trade taken on these observation should be traded with strict Sl

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