Nifty Technical Analysis for 16 April

By | April 15, 2014

FII_1

  • FII’s sold 30696 contract of Index Futures worth 1028 cores (17.5 K longs were squared off and 13.1 k shorts were added for  Index Future) with net OI decreasing by 4.4 K contracts. So today’s FII’s have started entering shorts in Index Futures.
  • Nifty finally broke its up trending channel and closed below it,Nifty is now trading at crucial juncture and any break below 6650 will end the current uptrend. On going correction is good for market as it will shake off weak hands and market can build a rally over it if 6650 is protected. In current uptrend Nifty has corrected almost 120-130 points before bouncing back so range of  6700-6680 becomes important support of market, and holding the same nifty can bounceback to make a new high.

nifty daily

  • Nifty Future April Open Interest Volume is at 1.53 cores with liquidation of 7.6  lakhs in Open Interest, OI is back to neutral.
  • Total Future & Option trading volume at 1.61 lakh with total contract traded at 1.9 lakh , PCR (Put to Call Ratio) at 0.99
  • 6800 Nifty CE  is having highest OI at 45.5 lakhs , resistance for the market with 9 lakh addition so bears holding shorts in 6800, 6900 CE  with OI at 42.1 Lakhs,saw very minor addition of 2.1  lakhs suggesting Bears will make expiry below 6900CE. FII’s sold 4.5 K CE longs and 5.3 K CE shorts were added by them.6300-7000 CE added 14.3 lakhs.
  • 6700 PE   is having highest OI at  52.4 lakh with liquidation of 3.6 lakhs remains a strong support for the series, 6800 PE  saw  a huge liquidation of 5.9 lakhs in OI show bears are coming back from hibernation. 6300-7000 PE liquidated 17.6  lakhs.FII’s bought 761 PE longs and 13.7 K PE shorts were covered  taken by them. Now covering of PE is very strong signal upside is limited in market.

OI

  • FIIs sold 21 cores in Equity and DII sold  279 cores in cash segment.INR closed above 60.07

Buy above 6753 Tgt 6780,6813 and 6850 (Nifty Spot Levels)

Sell below 6722 Tgt 6700, 6675 and 6642 (Nifty Spot Levels)

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