Nifty breaks hourly channel, How to trade now ?

By | September 10, 2014

FII_1

  • FII’s sold 20.3 K  contract of Index Future worth 827 cores, 12.3 K Long contract were squared off and 8 K short contracts  were added by FII’s. Net Open Interest decreased  by 4.3 K contract , so FII squared off  long and added shorts in Index futures.
  • Nifty opened with downward gap, continued trading in small range and ended almost days low. Nifty broke its Hourly channel as shown below and also rising trendline in daily chart, 8050-8060 needs to be watched closely in coming 2 session. On Upsise move above 8135 can see Nifty moving back to 8160-8170 odd levels.

nifty hourly

nifty daily

 

  • Nifty Future Sep Open Interest Volume is at 1.44 cores with liquidation of 6.9  lakh suggesting long liquidation.VIX being very low suggests bulls are still overconfident and every dip is getting bought into.
  • Total Future & Option trading volume was   at 1.86  lakh core with total contract traded at 1.1lakh. PCR @0.97.
  • 8300  CE  OI at 58.2  lakh  suggesting wall of resistance , 8200 CE  added 2.8 lakh .8100 CE added 3.2 lakh suggesting bears are planning to attack 8100  in next 2 session . FII’s bought 2.2 K CE longs and 12.2 K CE  were shorted  by   them.
  • 8000 PE OI@ 83.2 lakhs so strong base @ 8000. 7900 PE OI@58.2  so support building up @7900, 7800 PE added 1.9  lakh in OI. FII’s bought 39.3  K contract  PE longs and just 7.4 K PE were shorted  by   them.
  • FII’s sold 9 cores in Equity and DII sold 511 cores in cash segment.INR closed at 60.9.

 

Buy above 8104 Tgt 8125,8152 and 8180 (Nifty Spot Levels)

Sell below 8082 Tgt 8072, 8050 and 8018 (Nifty Spot Levels)

 

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