Nifty near make or break level for current bull run

By | May 8, 2014

FII_1

  • FII’s sold 15239 contract of Index Futures worth 511 cores (2.5 K  longs were added  and 17.8 K shorts were added in Index Future) with net OI increasing by 20.4 K contracts.FII’s going aggressive short in Index Futures.
  • As discussed in previous analysis we were expecting a 80-100 points move but has its mind of own and we saw a fall. This is where importance of following a trading system comes where you need to use the views expressed here as an input to system and if view contradict trading system should be given more importance.  So 6656 got broken and Nifty moves down to 6642 which is a 50% Fibo retracement. As per classic TA Bulls market take support at 50% or 61.8% which in our case is 6587 for bounceback. To test of Bull market will be seen in next 2 trading session.

nifty fibo

  • Nifty Future May Open Interest Volume is at 1.38 cores with addition of of 9 lakhs in Open Interest, suggesting shorts additions as 6656 got broken.
  • Total Future & Option trading volume at 0.68 lakh core with total contract traded at 1.93 lakh , PCR (Put to Call Ratio) at 0.66 suggesting oversold market.
  • 7000 Nifty CE  is having highest OI at 44.5  lakhs , resistance for the market with addition of 6 lakh , 6900 CE  with OI at 31.3 Lakhs,saw addition of 2.8  lakhs suggesting bears are getting aggresive, 7100-7200 CE added 7.6 lakh suggesting informed buying by smart money. FII’s bought 44.6  K CE longs and 48.2 K CE  were shorted by them.6300-7000 CE added 16.5 lakhs.
  • 6500 PE   is having highest OI at  41.3  lakh  remains a strong support for the series, 6800 PE  saw  liquidation of 0.7  lakhs in OI.FII’s sold 4.7K PE longs and 231.3  K PE were shorted  by them.6300-7000 CE liquidated 1 lakhs. Looking at Option data it seems FII’s are playing for range bound move from 6600-6800.

OI

  • FIIs bought 119cores in Equity and DII sold 258 cores in cash segment.INR closed above 60.13.

Buy above 6671 Tgt 6700,6720 and 6747 (Nifty Spot Levels)

Sell below 6642 Tgt 6624, 6600 and 6587 (Nifty Spot Levels)

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4 thoughts on “Nifty near make or break level for current bull run

  1. V Manjunath

    Sir
    I would like to trade in stock futures with your service please provide details

  2. Bramesh Post author

    Based on OI analysis

    Rgds,
    Bramesh

  3. vishal

    Hi,

    The additions in 7200 and 7100 Ce along with 7000 Ce can be construed as options writing going by the Price-OI. You have mentioned it as smart buying. what is that bhai….???

    Vishal

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