Nifty Bulls again fail to close above gann angle,EOD Analysis

By | November 10, 2016

fii

  • FII’s bought 2.8 K contract of Index Future worth 204 cores ,1 K Long contract were added by FII’s and 1.8 K short contracts were liquidated by FII’s. Net Open Interest increased  by 764 contract, so rise in market was used by FII’s to enter long and exit shorts  in  Index futures.
  • As discussed in last analysis Bulls need a close above 8487 for a move towards 8600/8737. Bears will get active below 8400 for a fast move towards 8287/8100. Nifty opened above 8487 made low of 8510 and rallied to make high of 8598.5 near our target of 8600. Today high is very important as its near the gann angles which nifty failed to cross in past 5 attempt as seen in below chart. Bulls need a close above 8600 for a move towards 8656/8737. Bears will get active below 8300 for a move towards 8231/8130.

nifty-gann-analysis

  • Nifty Nov Future Open Interest Volume is at 1.70 core with addition of 3.4 Lakh with decrease in cost of carry suggesting short position were added today, NF Rollover cost @8705 made high at 8704 on Tuesday and correction of 700 points.
  • Total Future & Option trading volume was   at 7.46 Lakh core with total contract traded at 1.8 lakh , PCR @0.99.
  • 9000  CE  is having Highest OI  at 58.5 lakh, resistance at 9000 .8500/9000 CE  liquidated 14 lakh so bears ran for cover 8600/8800 PE .FII bought 22.4 K CE longs and 4.2 K shorted CE were covered by them .Retail sold 42.5 K CE contracts and 4.3 K shorted CE were covered  by them.
  • 8200 PE OI@56.5 lakhs having the highest OI strong support at 8200 followed by 8300. 8200-8700 PE liquidated 25 Lakh in OI so bulls for ran for cover in 8200-8300. FII bought 1.4 K  PE longs  and 16.3 K PE  were shorted by them .Retail sold 33.7 K PE contracts and 52.3 shorted PE were covered by them.
  • FII’s sold 733 cores in Equity and DII’s bought 639 cores in cash segment.INR closed at 66.62

Buy above 8545 Tgt 8575,8600 and 8630 (Nifty Spot Levels)

Sell below 8510 Tgt 8490,8460 and 8420 (Nifty Spot Levels)

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