Nifty approaching final target of Butterfly pattern,EOD Analysis


  • FII’s bought 7.8 K contract of Index Future worth 394 cores ,27.6 K Long contract were added by FII’s and 19.7 K short contracts were added by FII’s. Net Open Interest increased  by 47.4 K contract, so rise in Nifty market was used by FII’s to enter  long and  enter shorts in  Index futures.Which type of a trader are you?
  • As discussed in Last Analysis   Nifty did the exact low of 7583 near shark pattern target. Till we are closing above 7600 Nifty can bounce back to 7800, below 7550 we can see correction till 7360-7380. Nifty opened with gap up above 7600 continued with the rise and is now approaching the final target of butterfly pattern @7799. Support is again at 7550 and resistance in range of 7780-7800. Bank Nifty breaks gann arc in style,EOD Analysis

NIfty Butterfly completion

  • Nifty April Future Open Interest Volume is at 1.41 core with addition of  28.6 Lakh with increase in cost of carry suggesting long position were added today, NF Rollover stands at 47.4 % Rollover cost @7727. Nifty rallied 650 points above Rollover cost
  • 7800  CE   is having Highest OI  at 60.2 lakh, resistance at 7800 .7600/7700 CE  liquidated 25.7 lakh so bears ran for cover in  7600/7700 CE Nifty closed above 7634 .FII sold 9.7 K CE longs and 21.7 K CE were shorted  by them .Retail sold  59.1 K CE contracts and 6 K CE were shorted  by them.
  • 7500 PE OI@50 lakhs having the highest OI strong support at 7500. 7400-7800 PE added 1.9 Lakh in OI .FII sold 16.4 K PE longs  and 11.6 K PE were shorted  by them .Retail bought 105 K PE contracts and 1.7 K PE were shorted  by them.
  • FII’s bought 1442 cores in Equity and DII’s sold 397 cores in cash segment.INR closed at 66.54

Buy above 7742 Tgt 7770,7803 and 7850 (Nifty Spot Levels)

Sell below 7700 Tgt 7672,7645 and 7610 (Nifty Spot Levels)

Upper End of Expiry : 7803

Lower End of Expiry : 7667

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One Comment

  1. vicky_dubai said:

    Sir how many bar u use to interperate harmonic pattern ?? is it 250 or some different value ?

    March 31, 2016

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