Nifty Trend Analysis – 08 Jan

By | January 7, 2013

FII

1. FIIs sold 6623 Contracts of Index Future (NSE Nifty Futures and Bank Nifty Futures combined),worth 185 cores with net Open Interest decreasing by 6001 contracts.

2. As CNX Nifty Future was down by 24 points with Open Interest in Index Futures decreasing by 6001, so FIIs have created fresh shorts  in Nifty and Bank Nifty Futures.As discussed in last post we are seeing distribution pattern at higher levels and today we saw a small correction.Nifty has formed bearish engulfing pattern today.

3. NS closed at 5988 after making high of 6043 (Almost near to our resistance level of 6045 as discussed yesterday) and low of 5977.Nifty has crossed two major resistance 5930 and 5965 with gap ups and these gaps remains unfilled. But as these are not runaway gaps so Nifty should pull back and fill these gaps.Read Weekly Analysis

4. Resistance for Nifty has come up to 6003 and 6027  which needs to be watched closely ,Support now exists at 5977and 5951 .Trend is Buy on Dips till 5920 is not broken on closing basis.Tomorrow being Tuesday major move can happen in Nifty in tune of  70-80 points so keep an eye on trend changer and trend deciding level.

5. Nifty Future January Open Interest Volume is at 1.60 cores with liquidation of 7.2 lakh in Open Interest,longs got unwounded.Cost of Carry of Nifty Future decreased to 7 with fall in OI suggesting short build up.

 

 

 

 

 

 

6. Total Future & Option trading volume at 0.76 lakh Cores with total contract traded  at 1.06 lakh, PCR (Put to Call Ratio) at 0.87 and VIX at 13.92.VIX has bounced back 4% today.

7. 6200 Call Option is having highest Open Interest of 83.1 lakhs with liquidation of 3 lakhs in Open Interest, 6100 Nifty CE  is having second highest OI at 52 lakh also saw addition of 5 lakhs in OI,with Option premium at Rs 43 as discussed on Friday shorts are piling up in 6100 CE,  .5700-6300 Call Options added 11.2 lakhs in OI.

8. 5800 Put Option is having Open Interest of 63.7 lakhs with liquidation of 0.7 lakhs in OI so firm base is set up at 5800 and 5900 Put Option added 4 lakhs with OI at 61.9 Lakhs,6000 PE liquidated 0.05 lakhs in OI suggesting bulls have not left the ground and still eyeing to make base at 6000 .5700-6300 Put Options liquidated 1.4 lakhs in OI.Bulls are in control as per option analysis.

9. FIIs buying in Equity in tune of 963cores and DII sold 901 cores in cash segment,INR closed at 55.47 Live INR rate @ http://inrliverate.blogspot.in/).

10. Nifty Futures Trend Deciding level is 6037(For Intraday Traders), Trend Changer at 5998 NF(For Positional Traders). (Above this Level Bulls will rule Nifty/Below this levels Bears have upper hand). Bank Nifty Future Trend Changer Level 12727.

Buy above 6003 Tgt 6028,6045 and 6077

Sell below 5977 Tgt 5963,5951,5937,5920(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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