Nifty ready for bounce ?

By | July 15, 2014

FII_1

  • FII’s bought 13.4 K contract of Index Future worth 503  cores, 4.9 K Long contract were added  and 8.4 K short contracts were squared off by FII’s. Net Open Interest came up by 13.4 K contract suggesting FII are squaring off shorts at lower level.
  • Nifty has been falling continuously 5 days in a row, now we are approaching a strong support zone of 7395-7404, if held we can see a good bounceback near 7600 odd levels are per Elliot wave.

Nifty Hourly EW

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 hourly

  • Nifty Future July Open Interest Volume is at 1.41 cores . 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 will become resistance, yesterday we made a high of 7505 and pulled back.
  • Total Future & Option trading volume was   at 1.57 lakh core with total contract traded at 2 lakh. PCR @0.73.
  • 8000 CE  OI at 98.5 lakh  suggesting wall of resistance , 7500 and 7600 CE saw 16.1 lakh addition  of suggesting bears have made wall of resistance around these levels,FII’s sold 9.3 K CE longs and 7.5K CE were shorted by them. Hope this analysis helped traders  FII’s have been consistently writing calls suggesting higher levels if they come will not be sustained and today again they booked out in calls suggesting they are entering market with bearish bias.
  • 7300 PE OI at 45.8  lakh saw addition of 1.7  lakh so strong support of 7300 , 7500 PE also liquidated 3.5 lakhs  suggesting  7500 can become short term resistance of market. FII’s bought 2.8 K PE longs and  250  PE were written by them. 
  • FIIs sold 558  cores in Equity and DII bought 331  cores in cash segment.INR closed at 60.07.

 

Buy above 7460 Tgt 7481,7507 and 7537 (Nifty Spot Levels)

Sell below 7422 Tgt 7401, 7368 and 7350 (Nifty Spot Levels)

 

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3 thoughts on “Nifty ready for bounce ?

  1. kayar

    dear Ramesh,
    Fantastic analysis. Keep guiding
    regards,
    KRM

  2. Bramesh Post author

    PNB SL got triggered at 987 and Rel cap was not triggered as it did not close above 665.

  3. syamala

    bramesh
    your positional reliance capital an d pumjab national bnak has any stop loss?

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