- FII’s sold 34.1 K contract of Index Future worth 809 cores, 20.2 K Long contract were squared off by FII’s and 13.8 K short contracts were added by FII’s. Net Open Interest decreased by 6.4 K contract.
- Nifty continued with its decline correcting 442 points in 4 trading session and in the process broke its budget day low @8750 and closed well below its 20 SMA. On Hourly charts trendline support @ 8701/8720 range as shown in below chart and below that 8645/8630 range. As per gann box till 2X1 line is not crossed nifty will remaining under selling pressure. Largest correction seen in the current bull market is 666 points so still we can go down further another 200 points. 50 SMA @8638 should be watched closely in next 2 trading session.
- Nifty March Future Open Interest Volume is at 2.48 core with liquidation of 2 lakhs with increase in cost of carry, suggesting bottom fishers went long today in last 30 mins.Out of 36 Lakh Nifty OI which was added in 9022-8916 , 29 lakh got liquidated in 4 session so 7 lakh are still holding out. Also NF premium is still 48 points which is still huge, premium needs to come in range of 20-30 points if short term bottom has to form.
- Total Future & Option trading volume was at 2.33 core with total contract traded at 4.8 lakh. PCR @0.99.
- 9000 CE OI at 56.3 lakh so wall of resistance @ 9000 .8700/8900 CE added 5.6 lakhs,with 30.5 Lakh yesterday so bears are in front foot with just 4 days of trading. FII sold 36 K CE longs and 5.6 K CE were shorted by them.
- 8500 PE OI@ 44.6 lakhs so strong base @ 8500. 8600/8700 PE saw addition of 7.2 lakhs so bulls are warming up, but test will come tomorrow. FII added 43.7 K PE longs and 997 shorted PE were covered by them.FII were mainly active in 8500/8600 PE.
- FII’s sold 748 cores in Equity and DII bought 290 cores in cash segment.INR closed at 62.76 at 2 month high.
- Nifty Futures Trend Deciding level is 8766 (For Intraday Traders). NF Trend Changer Level (Positional Traders) 8902 and BNF Trend Deciding Level 19214 (For Intraday Traders) BNF Trend Changer Level (Positional Traders) 19555 .How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 8723 Tgt 8750 ,8767 and 8800 (Nifty Spot Levels)
Sell below 8665 Tgt 8650,8620 and 8580 (Nifty Spot Levels)