- FII’s bought 7.7 K contract of Index Future worth 480cores ,10.9 K Long contract were added by FII’s and 3.2 K short contracts were liquidated by FII’s. Net Open Interest increased by 3.9 K contract, so rise in market was used by FII’s to enter long and enter shorts in Index futures. THE SHARK BAIT STORY
- As discussed in Yesterday Analysis Again technical worked and gap up above 8577 got sold into , but with today’s fall after event and recovery suggest strong buying at lower levels, also as seen in below ABCD pattern todays low was made near 78.6% retracement suggesting range of 8518-8500 range is important now, Holding the same we can see move till 8752 levels in coming week. Close below 8515 invalidate the pattern, Also as per gann analysis close above 8577 will be bullish. Best is to go long above 8607 which is falling gann line as shown below add more if it close above 8677 for eventual target of 8752, Adding to winning position is called pyramiding which most of professional traders do. Nifty traded as per our plan and heading towards the target of ABCD pattern, As i always say Plan your trade and trade your plan and protect your trading capital and profits. Bank Nifty forms Bullish Cypher pattern,EOD Analysis
- Nifty Aug Future Open Interest Volume is at 2.39 core with addition of 2.4 Lakh with decrease in cost of carry suggesting short position were added today, NF Rollover cost @8650, closed above it and gained 70 points.
- Total Future & Option trading volume was at 2.42 Lakh core with total contract traded at 1.43 lakh , PCR @0.99, Trader’s Resolutions for the New Financial Year 2016-17
- 8800 CE is having Highest OI at 58.3 lakh, resistance at 8800 .8500/9000 CE liquidated 20.9 lakh so resistance formation in 8800-8900 .FII bought 15.7 K CE longs and 9.8 K shorted CE were covered by them .Retail sold 56.7 K CE contracts and 580 CE were shorted by them.
- 8500 PE OI@46 lakhs having the highest OI strong support at 8500. 8300-8800 PE added 5.9 Lakh in OI so bulls making strong base near 8500-8550 zone .FII bought 7.6 K PE longs and 3.2 K PE were shorted by them .Retail bought 63 K PE contracts and 31.2 K shorted PE were covered by them.
- FII’s bought 435 cores in Equity and DII’s bought 616 cores in cash segment.INR closed at 66.78
- Nifty Futures Trend Deciding level is 8681 (For Intraday Traders). NF Trend Changer Level (Positional Traders) 8660 How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level
Buy above 8720 Tgt 8752,8775 and 8800 (Nifty Spot Levels)
Sell below 8650 Tgt 8620,8590 and 8560 (Nifty Spot Levels)
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