Nifty made top @7700, Elliot wave analysis

By | June 11, 2014

FII_1

  • FII’s bought 1.9 K contract of Index Futures worth 77 cores (4.2 K longs were added and 2.2 K shorts were added in Index Future) with net OI increasing by 6.4 K contracts.
  • Nifty Hourly EWAs 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, So keep a close eye on 7577 on closing basis.
nifty hourly
  • Nifty Future May Open Interest Volume is at 1.60 cores with liquidation of of 0.07 lakhs in Open Interest, suggesting no panic in bull camp till now and traders are holding on to their positions.
  • Total Future & Option trading volume at 2.25 lakh core with total contract traded at 3  lakh.PCR @0.94
  • 7800 Nifty CE is having highest OI at 50 lakhs  and 7700 CE having second highest OI  suggesting we have seen a short term top. FII’s bought 8.9 K CE longs and 8.2 K CE were shorted by them.
  • 7500 PE OI at 50 lakh remains a strong support from start of series, 7300 PE added 2.2 lakhs suggesting smart buying of PE happening at lower levels.FII’s bought 12.7K PE longs and 17.3 K PE were shorted by them.
  • FIIs sold 313 cores in Equity and DII bought 407 cores in cash segment.INR closed above 59.27.

Buy above 7640 Tgt 7661,7688 and 7720(Nifty Spot Levels)

Sell below 7601 Tgt 7577, 7528 and 7500 (Nifty Spot Levels)

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4 thoughts on “Nifty made top @7700, Elliot wave analysis

  1. Rinkesh

    I think market is making a expanded flat and it will resume it rally towards 7820 after which i expect a good correction.

    Regards
    Rinkesh

  2. Bramesh Post author

    Dear Sir,

    Please read the post and chart, everything is mentioned

    Rgds,
    Bramesh

  3. Raajesh

    Dear Sir
    could you please tell if nifty has made top at 7700 as per Elliot wave to what level nifty could correct
    Thanking you in advance
    Regards
    Raajjesh

  4. P T Kumar

    Sir,
    In Today’s review you had mentioned 7800 CE has High OI. But as in NSE
    8000 CE having OI 5717750 and 7800 CE having 5254650 only..
    So, I think NIFTY 8000 may be upside resistance…

    Please comment…

    thank you,
    P T Kumar

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