Nifty corrects from Elliot wave target, FII Data analysis

By | June 13, 2014

FII_1

  • FII’s sold 14989 contract of Index Future worth 574 cores, 5348 Long contract were squared off and 9641 short contracts were added.Net Long Contract for FII’s are just 21K for the current series which is lowest in 2014, so FII’s are majorly going short in market.

Nifty Hourly EW

  • As 7577 is 34 H EMA and last time nifty closed below it, Nifty made a 100 points fall so same can be repeated this time.
nifty hourly
  • Nifty Future May Open Interest Volume is at 1.51 cores with liquidation of of 15 lakhs in Open Interest, showed Bulls were caught unaware and over leverage positions were squared off in panic.
  • Total Future & Option trading volume at 2.29 lakh core with total contract traded at 3.3  lakh.PCR @1
  • 7800 Nifty CE is having highest OI at 56 lakhs  and 7700 CE having second highest OI  suggesting we have seen a short term top. 11.7 lakh addition in 7600 suggests than it will be diffcult to cross 7600 odd levels for next few days. FII’s sold 4.2 K CE longs and 9.3 K CE were shorted by them.
  • 7500 PE OI at 51 lakh remains a strong support from start of series, 7300 PE added 0.7 lakhs suggesting smart buying of PE happening .FII’s bought 33.2 K PE longs and 5.4 K shorted  PE were covered  by them.
  • FIIs bought 1099 cores in Equity and DII bought 358  cores in cash segment.INR closed above 59.76.

Buy above 7582 Tgt 7638,7658 and 7700(Nifty Spot Levels)

Sell below 7525 Tgt 7498, 7474 and 7450 (Nifty Spot Levels)

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