- This is what we discussed yesterday Bounce was on back of low volumes and will not be surprised nifty retracing the whole up move tomorrow. 34 HEMA @ 7773 needs to be closely watched tomorrow. As per EW also Nifty made short term top of 7837 and can see a downmove till 7581. Global markets are seeing a correction of 1-2% and SGX also trading -70 points. Strong support lies in range of 7650-7640, Holding the same we can see some bounceback tomorrow till 7700, Weekly closing tommrow bulls will like to protect 7600 and bears would like to see a close below 7580
- Nifty Future Aug Open Interest Volume is at 1.32 cores, series is starting on lighter note, so some trending moves can be seen, rollover range comes @ 7866-7743.
- Total Future & Option trading volume was at 4.20 lakh core with total contract traded at 2.8 lakh. PCR @0.93
- 8000 CE OI at 39.9 lakh suggesting wall of resistance , 7900 CE saw 10.8 lakh addition is having the second highest OI so 7900 is the cieling for market in short term.
- 7300 PE OI@ 48.1 lakhs suggest bulls making base @ 7300 , 7500 PE added 9.2 lakhs so another strong base @7500.
- FIIs sold 1655 cores in Equity and DII bought 1420 cores in cash segment.INR closed at 60.55. FII sold the biggest sell in cash market in last 2 months.
- Nifty Futures Trend Deciding level is 7784 (For Intraday Traders). NF Trend Changer Level (Positional Traders) 7784 and BNF Trend Changer Level (Positional Traders) 15365 .How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 7741 Tgt 7771,7800 and 7822 (Nifty Spot Levels)
Sell below 7680 Tgt 7650, 7610 and 7526 (Nifty Spot Levels)