Nifty bounces from support area, FII data Analysis

By | June 16, 2014

FII_1

  • FII’s bought 2061 contract of Index Future worth 78 cores, 13 K Long contract were added  and 10.9 K short contracts were added. So FII’s are adding both long and shorts in Index Future as nifty is nearing an important support level.
  • Nifty continued its decline, near the support area of 7474-7485, made an intraday double bottom in range of 7490 and bounced back to close above 7500 as shown in below hourly chart, 7570 is zone of resistance on upside.As per EW short term target comes in range of 7408-7410 range.Today was option writers markets as both call and put options premium was reduced as market was trading in a range. 

Nifty Hourly EW

nifty hourly

  • Nifty Future May Open Interest Volume is at 1.49 cores with liquidation of of 1.7 lakhs in Open Interest, showed liquidation of long positions.
  • Total Future & Option trading volume at 1.92 lakh core with total contract traded at 2.5 lakh.PCR @1
  • 7800 Nifty CE is having highest OI at 54.6 lakhs  and 7700 CE having second highest OI  suggesting we have seen a short term top. 6.4 lakh addition in 7600 suggests than it will be diffcult to cross 7600 odd levels for next few days. FII’s sold 7.9 K CE longs and 5 K CE were shorted by them.
  • 7500 PE OI at 50 lakh remains a strong support from start of series, 7300 PE liquidated 1.3 lakhs suggesting smart buying liquidated there potions .FII’s bought 21 K PE longs and 8.1 K shorted  PE were covered  by them.FII’s are still aggressive buyers in Put options suggesting we are not out of woods still so cautious on long.
  • FIIs sold 194 cores in Equity and DII sold 448  cores in cash segment.INR closed at 60.18.

Buy above 7545Tgt 7560,7588 and 7610(Nifty Spot Levels)

Sell below 7523 Tgt 7498, 7474 and 7450 (Nifty Spot Levels)

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