- FII’s bought 1.7 K contract of Index Future worth 67 cores, 8.5 K Long contract were added and 6.7 K short contracts were added by FII’s. Net Open Interest came up by 15.2 K contract suggesting FII are adding both long and shorts in market.
- As discussed yesterday Nifty ready for bounce Nifty rallied 72 points yesterday. Now NIfty an approaching supply zone of 7570-7585 which need to be watched closely, unable to cross the same pullback can be seen till 7450 levels and crossing the same 7600-7615 is on cards as per Elliot wave.
As seen in below chart the downward falling trendline can also offer resistance near 7510 odd levels. If broken we can see rise again towards 7600 odd levels.If broken 7300 is on cards.
- Nifty Future July Open Interest Volume is at 1.43 cores with addition of 2.2 lakh suggesting long addition . As discussed An important point to not is 1 core of Index Futures got rollovered in range of 7616-7500 and Nifty is trading well above this zone, this price zone implies a very significant price band.Now this zone of 7510 will become support now.
- Total Future & Option trading volume was at 1.94 lakh core with total contract traded at 2.4 lakh. PCR @0.72. Still more Calls are getting shorted suggesting market participants are holding on to there shorts.
- 8000 CE OI at 95 lakh suggesting wall of resistance , 7600 CE saw 4.2 lakh addition of suggesting bears have made wall of resistance around these levels,FII’s bought 24.9 K CE longs and 2.9 K shorted CE were covered by them.
- 7500 PE OI at 48.6 lakh saw addition of 4.5 lakh so strong support of 7500 , 7400 PE also added 4.6 lakhs.Liquidation in OTM PE suggests rally can extend furhter. FII’s sold 8.5 K PE longs and 1.9K PE written were covered by them.
- FIIs sold 3 cores in Equity and DII bought 471 cores in cash segment.INR closed at 60.12.
- Nifty Futures Trend Deciding level is 7516 (For Intraday Traders). NF Trend Changer Level (Positional Traders) 7634 and BNF Trend Changer Level (Positional Traders) 15202 .How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 7535 Tgt 7554,7582 and 7615 (Nifty Spot Levels)
Sell below 7505 Tgt 7480, 7454 and 7431 (Nifty Spot Levels)