Nifty closed above Hourly trendline resistance, Whats next

By | February 19, 2015

FII

  • FII’s sold 24.6 K contract of Index Future worth 503 cores, 24.7 K Long contract were squared off FII’s and 170  short contracts  were squared off by FII’s. Net Open Interest decreased  by 24.1 K contract ,so FII’s squared off long  and shorts in Index Futures in volatile session of trade.
  • Nifty rose for 7 day in row , it was a roller coaster ride for market today but was able to close above the hourly trendline resistance as shown in hourly charts. Trend is up with higher highs formation intact. Gann Box is also approaching the yellow line and close above it will make sure we reach new all time high. As per Quant analysis We had 109 point correction today so till correction are in this range market will continue with current uptrend any correction larger than 109 suggests the current trend is over.

NIFTY - Gann Box

nifty hourly

  • Nifty Future Feb Open Interest Volume is at 2.48 core with liquidation of 6.7 lakhs so short liquidation was seen as traders were caught off guard with the rise in last hour of trade.
  • Total Future & Option trading volume was   at 3.19 core with total contract traded at 5.18 lakh. PCR @1.09 rising steadily.
  • 9000  CE  OI at 60.8  lakh with liquidation of 5.2 so wall of resistance @ 9000 but getting weaker .8500/8800 CE liquidated 5.2 lakhs so bears have started giving up after a 440 point rise but no major  addition was seen in 8900 CE and 10 lakh added on Friday are still holding out so 8900 will add as big resistance and gap up can take off that. FII sold 24.1 K CE and 16.5 K shorted  CE were covered by them.
  • 8800 PE OI@ 43.1  lakhs so strong base @ 8800. 8900 PE  saw addition of 3.4 so bulls have started adding aggressively  and 8800 can add as short term support in case of any dip This is what we discussed yesterday today NF low 8802FII sold 10.7 K PE and 1.3 K shorted  PE were covered by them.
  • FII’s bought 1542 cores in Equity and DII sold 196 cores in cash segment.INR closed at 62.18.

 

Buy above 8914 Tgt 8940,8960 and 9000 (Nifty Spot Levels)

Sell below 8865 Tgt 8840,8822 and 8794 (Nifty Spot Levels)

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