Nifty forms double Top, FII FnO Analyis for 10 May

By | May 9, 2013

FII

  • FIIs bought 10731 Contracts of Index Future (NSE Nifty Futures and Bank Nifty Futures combined),worth 327 cores with net Open Interest increasing by 13387 contracts still building longs. How George Soros made $60m in 20 Hours
  • We indicated in our analysis Nifty is heading towards the next important zone of resistance of 6071-6082, and for last 2 days Nifty made high of 6084 and 6085 subsequently giving indication of formation of double top which is bearish pattern but we need confirmation.Tomorrow is weekly closing and Bulls will want to close Nifty above 5952 .Nifty crossed the Weekly Trend Decide level@ 5978  as discussed in  Weekly analysis and achieved 2 target also today.Traders should do partial profit booking in this range.
  • Nifty Future May Open Interest Volume is at 2.15 cores with addition of 3.8 lakh in Open Interest with decrease in Cost of Carry of Nifty Future  to showing traders are booking profit in  long position .
  • Total Future & Option trading volume at 1.10 lakh with total contract traded at 1.54 lakh , PCR (Put to Call Ratio) at 1.09.VIX is also reaching at 16.60 and trading 4 day above 200 DMA. Higher VIX more concern for bulls.
  • 6200 Nifty CE  is having highest OI at 68.4 lakhs with addition of  6.1 lakhs in OI ,6100 remains the wall of resistance as OI is at 53 lakhs .6300 CE is having OI at 44.1  lakhs speculative money is entering in OTM calls.5700-6300 CE added  6.7 Lakhs in OI, so if double scenario works out huge unwinding will be seen in 6200 CE.

OI

  •  5800 Put Option is having highest  Open Interest of  91  lakhs with addition of  3.2 lakhs in OI ,5900 PE  added 3.2  lakhs and net OI at 70 lakhs,suggesting call writing happening and base building happening at 5900 levels and 6000 PE added 2.3 lakhs,6000 is not still strong base of nifty and can be broken .5700-6300 CE added 16.2 Lakhs in OI so blow out punch by bulls.
  • Nifty Futures Trend Deciding level is 6066 (For Intraday Traders).Nifty Trend Changer Level 5970 and Bank Nifty Trend Changer level 12527.Our Buy as per Trend Changer level was triggred at 5932 and today we made 160 points in 3 days , Partial profit booking is advisable but no shorts till it do not closed below trend changer level.

Buy above 6058 Tgt  6084,6100 and 6120(Nifty Spot Levels)

Sell below 6050 Tgt 6033,6020 and 6000(Nifty Spot Levels)

Live Nifty A/D charts  Click on the Link

Traders who use Pivot and Camarilla can use the following 2 sites for Hourly values and EOD values

 http://camarillapivotpoints.blogspot.com/
http://niftystockpivot.blogspot.in/

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2 thoughts on “Nifty forms double Top, FII FnO Analyis for 10 May

  1. Rajesh

    I think Nifty formed an NR7 Pattern today which you have not stated above. Can u please confirm the same in case if I am wrong.

  2. s.c. mittal

    Excellant are the related posts as well as the analysis.

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