Will Nifty close above 8577 today,EOD Analysis


  • FII’s bought 6.8 K contract of Index Future worth 461 cores ,7.9 K  Long contract were added by FII’s and 1 K short contracts were added by FII’s. Net Open Interest increased  by 8.9 K contract, so rise in market was used by FII’s to enter long and enter  shorts  in  Index futures. The 3 Phases of Trade Analysis
  •  As discussed in Yesterday Analysis   Bulls should protect 8490 else we can see a quick correction till 8410-8400. Bullish on close above 8577 for target of 8650, Low made was 8500 so bears unable to break 8490 Nifty  bulls took the opportunity to break 8550 but still were not able to break 8577. As per Quant Analysis correction more than 60 points from high can see the current uptrend to get over. Weekly Close today Bulls should close above Gann Number of 8577 for big target of 8763/8910 in medium term , Unable to do so we can see pullback till 8220-8210 (This is bigger picture) ,  Bank Nifty close above 18750,EOD Analysis

nifty resistance zone

  • Nifty July Future Open Interest Volume is at 2.2 core with addition of 6.2 Lakh with increase in cost of carry suggesting long position were added today, NF  Rollover is at 73% and Rollover cost @8204 closed above it
  • 8700  CE  is having Highest OI  at 50 lakh, resistance at 8700 .8400/8700 CE  liquidated 5 lakh so bears forming resistance at higher levels 8600-8650 zone  .FII sold 1.8 K CE longs and 1.7 K shorted CE were covered by them .Retail sold  24 K CE contracts and 14.7 K CE shorted CE were covered by them.
  • 8400 PE OI@54.5 lakhs having the highest OI strong support at 8400. 8200-8600 PE added 19 Lakh in OI so bulls making strong base near 8300-8400 zone .FII bought 12 K PE longs  and 494  PE were  shorted by them .Retail sold 28.4 K PE contracts and 14.7  K shorted PE were covered by them.
  • FII’s bought 869 cores in Equity and DII’s sold 874 cores in cash segment.INR closed at 66.91

Buy above 8577 Tgt 8590,8615 and 8650 (Nifty Spot Levels)

Sell below 8540 Tgt 8520,8440 and 8415 (Nifty Spot Levels)

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