Nifty near gann box support, Be ready for big move

By | October 8, 2014

FII_1

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  • FII’s bought 4.9 K contract of Index Future worth 196 cores, 9.2 K Long contract were squared off and 4.3 K short contracts  were squared off by FII’s. Net Open Interest decreased  by 13.6 K contract , so FII squared off both long and short in index futures.
  • Nifty is trading in gann box angles in and is near an important support zone, closing above it today by holding 7784-7800 range we can see bounceback in nifty and unable to do so larger correction is on the way. 7784 is also 61.8% ratio so profit booking in shorts is advised near these levels.Expect a big range in intraday in coming 2 session.

 

Nifty Gann

  • Nifty Future October Open Interest Volume is at 1.63 core with addition of 0.5  lakh in OI  with increase in CoC suggesting short addition.
  • Total Future & Option trading volume was   at 1.63  lakh core with total contract traded at 1.9 lakh. PCR @0.86
  • 8100  CE  OI at 60  lakh  suggesting wall of resistance , 8000 CE  added 7 lakh suggesting  8000 will be difficult to cross in coming trading sessions, 7900 CE also added 3.6 lakh so 7900 will be fighting point again between bulls and bears.  FII’s sold 9.4 K CE longs and 12.1 K CE were shorted  by  them.
  • 7800 PE OI@ 57.2 lakhs so strong base @ 7800, high probability of bounce around these levels . 7900 PE OI@40.1lakh with liquidation of 3 lakh  so 7900 PE is coming up as an strong resistance , FII’s bought 18.1  K contract  PE longs and 5.6 K PE contract were shorted  by  them mostly in 7700PE.
  • FII’s sold 1440 cores in Equity and DII bought 663 cores in cash segment.INR closed at 61.38.

 

Buy above 7845 Tgt 7869,7896 and 7923 (Nifty Spot Levels)

Sell below 7815 Tgt 7784, 7750 and 7715 (Nifty Spot Levels)


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4 thoughts on “Nifty near gann box support, Be ready for big move

  1. Dinesh Kumar Gupta

    Great Analysis Bramesh Ji, what a big move today of 125 points in NIFTY? You are really a master.Hats off to you.

  2. Praveen Khunte

    Thanks for your valuable post. One correction in very first line.. should be …FII’s SOLD 4.9 K contract of Index Future. Hope to see Big move today.
    Waiting for your next post on Gann methods of trading.

  3. Amit Deshpande

    Sir, What is your view on HDFC Bank? Please share your view.

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