Nifty approaching the gann support zone, Will it Bounce?

By | April 15, 2017

  • FII’s bought 2 K contract of Index Future worth 146 cores ,1 K Long contract were liquidated  by FII’s and 3 K Short contracts were liquidated  by FII’s. Net Open Interest decreased  by 4 K contract, so fall in market was used by FII’s to exit  long and exit short in  Index futures. Employ your mind wisely or else it will Employ You
  • As discussed in last analysis  It was day of whipsaw with nifty doing a volatile move but traders falling the gann analysis were safe as we did not break 9268 on upside high made was 9246 and low made was 9161 so we did not break 9130 on downside.  Plan remains the same long above 9268 for a move towards 9312/9368 and bearish below 9130 for a move till 8969/8920. Low made was 9144 near to our support of 9130, so on monday if 9130-9100 is held which is also near the gann angle support as shown in below chart and with new time cycle starting we can see a good move in nifty in next 1-2 session. We might see price and time squaring which can see change in trend or existing trend showing fast move. Longs can be taken in range of 9120-9130 with 20 point sl for a move towards 9200/9268. Bearish below 9100 for a move towards 9020. Bank Nifty hold to gann angle with new time cycle approaching

  • Nifty April Future Open Interest Volume is at 2.04 core with liquidation of 5.2 Lakh with increase in  cost of carry suggesting short position were added today, NF Rollover cost @9148 closed above it.
  • Total Future & Option trading volume at 7 Lakh core with total contract traded at 0.88 lakh , PCR @1
  • 9300  CE  is having Highest OI  at 50 lakh, resistance at 9300 followed by 9400 .9000-9500 CE added 15.1 Lakh in OI so bears making resistance around 9300-9350 range.FII bought 335 CE longs and 123 CE were shorted  by them.Retail sold 33.4 K CE contracts and 31.2 K shorted  CE were covered by them.
  • 9000 PE OI@57.3 lakhs having the highest OI strong support at 9000 followed by 8900. 9000-9500 PE liquidated 4.6 Lakh in OI so bulls liquidated in 9000/9100 PE . FII bought 29.1 K PE and 1 K shorted PE were covered by them  .Retail sold 84.8 K PE contracts and 50.7 K shorted PE were covered by them.
  • FII’s sold 407 cores in Equity and DII’s bought 65 cores in cash segment.INR closed at 64.40

Buy above 9130 Tgt 9150,9185 and 9222 (Nifty Spot Levels)

Sell below 9105 Tgt 9075,9050 and 9020 (Nifty Spot Levels)

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