Nifty does breakout on Hourly chart, Will it Sustain ?

By | February 12, 2015

FII

  • FII’s sold 28.8 K contract of Index Future worth 619 cores, 2.4 K Long contract were added  by FII’s and 30.8 K  short contracts  were added by FII’s. Net Open Interest increased  by 7.3 K contract ,so FII’s added partial  long  in Index Futures and added  shorts in index futures.
  • As discussed yesterday Nifty is at a crucial juncture trading between 21/34 HEMA, crossing the same we can see move towards 8682/8713 odd levels. Gann Box is also suggesting supply zone in range of 8682-8713.   Holding 8590 bulls will have upperhand, below it bears will have upperhand and take sharp downmove till 8500/8455 odd levels. Low made was 8599 and Nifty rallied in late session of trade now 8795/8838 should be watched on upside, break of 8838 will suggests new high is on the way. Hourly has shown a clear breakout but we need to see a follow upmove for breakout to sustain.

NIFTY - Gann Box

nifty hourly

  • Nifty Future Feb Open Interest Volume is at 2.53 core with addition of 4.9  lakhs so long addition was seen with increase in cost of carry.
  • Total Future & Option trading volume was   at 2.16 core with total contract traded at 4.8 lakh. PCR @0.82, again at lower end of range so expect another rally .
  • 9000  CE  OI at 61.7  lakh so wall of resistance @ 9000 .8400/8900 CE liquidated 2.2  lakhs so bears have started feeling the pain but still holding 48 lakh shorts , so still resistance at higher levels. FII bought 3.1 K CE and 8.4 K CE were shorted  by them.
  • 8500 PE OI@ 42.2  lakhs so strong base @ 8500. 8600/8800 PE  saw addition of 13.8 so bulls have started adding aggressively  but still more OI needs to be added .  FII bought 7.2 K PE and 5.3 K shorted PE were covered  by them.
  • FII’s sold 406 cores in Equity and DII bought 705 cores in cash segment.INR closed at 62.3.

 

Buy above 8732 Tgt 8762,8814 and 8838 (Nifty Spot Levels)

Sell below 8680 Tgt 8660,8630 and 8600 (Nifty Spot Levels)

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11 thoughts on “Nifty does breakout on Hourly chart, Will it Sustain ?

  1. Bramesh Post author

    Lets wait for close to get confirmation.

    Rgds,
    Bramesh

  2. kindergardentrader

    Good morning and thank you Bramesh. CMP around 8740, do we assume that Gann supply is consumed ? Is it too early to label the move a pre-budget rally? 8900 beacons?

  3. Bramesh Post author

    Dear Sir,

    Levels are clearly mentioned we trade on levels not on views like market going up or down. Follow the price everything is reflected in it.

  4. H BASAVARAJ

    Hi Bramesh ji its another omen day Friday 13th most feared the first one in this year in the past 3 to 4 such instances market usually going down can you please throw some light about this day
    Thank you

  5. Bramesh Post author

    Dear Ajay,

    Use the TC levels for Positional trading and Intraday level for intraday trading.

    As a retail trader avoid trading in options.

    Rgds,
    Bramesh

  6. Ajay

    Hi Bramesh ,

    The information provided by you is simply like precious gem. I dont have much expertise in future trading.

    Though I am a beginner in option trading. If i need to use the FII date provided by you for option trading, how can it be used for option trading? Please guide.

    ( I dont have expertise in future trading, I know only about option trading. Please suggest possible ways to utilize your FII data for option trading)

    Waiting for your reply, (Extremely sorry for asking you such question)

    Thanks

  7. Ajay

    Hi Bramesh ,

    The information provided by you is simply like precious gem. I dont have much expertise in future trading.

    Though I am a beginner in option trading. If i need to use the FII date provided by you for option trading, how can it be used for option trading? Please guide.

    ( I dont have expertise in future trading, I know only about option trading. Please suggest possible ways to utilize your FII data for option trading)

    Waiting for your reply,

    Thanks

  8. tarun

    in past few days, nifty remained much time in the range 8730 on downside and 8760-80 upside. 8730 wont be providing resistance now ?

  9. H BASAVARAJ

    FII’s continously in selling mood and even in F&O adding more on short side,the chances on higher side seems little romote

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