Nifty does U turn after Hitting 9200, close below gann angle

By | April 18, 2017

  • FII’s sold 3.4 K contract of Index Future worth 244 cores ,3.5 K Long contract were liquidated  by FII’s and 128Short contracts were liquidated  by FII’s. Net Open Interest decreased  by 3.6 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  Low made today was 9120 near the gann angle as shown in below chart so we had a clean move from 9268-9120 now bulls need to hold to lower end of gann angle for a move towards 9200/9268 with new time cycle starting today. Bearish below 9100 for a move towards 9020/8970. High made today was 9217 so we did the target of 9200 also trending move in morning hours , but the intraday U turn of market got many of the traders by surprise, this is where the risk money management are of prime importance when it comes to trading, Preserve your capital and preserve your profits. Now close today was below the gann angle suggesting break of 9080 we can continue the fall towards 9020/8970. Bullish only above 9150 for a move towards 9220/9268. Volatility will be highest near the market turns. Bank Nifty does 21900 and saw intraday correction,EOD Analysis

  • Nifty April Future Open Interest Volume is at 1.99 core with liquidation of 2.9 Lakh with decrease in  cost of carry suggesting long position were closed today, NF Rollover cost @9148 closed above it.
  • Total Future & Option trading volume at 6.9 Lakh core with total contract traded at 1.67 lakh , PCR @1.14
  • 9200  CE  is having Highest OI  at 51 lakh, resistance at 9200 followed by 9300 .9000-9500 CE added 8.2 Lakh in OI so bears making resistance around 9200-9300 range.FII bought 5.6 K CE longs and 3.8 K CE were shorted  by them.Retail bought 47.1 K CE contracts and 22 K  CE were shorted  by them.
  • 9000 PE OI@49.3  lakhs having the highest OI strong support at 9000 followed by 8900. 9000-9500 PE liquidated 11.7 Lakh in OI so bulls booked profit in 9000/9100 PE . FII bought 18.2 K PE and 2.1 K PE were shorted by them  .Retail bought 195 PE contracts and 24 K PE were shorted by them.
  • FII’s sold 930 cores in Equity and DII’s bought 878 cores in cash segment.INR closed at 64.62

Buy above 9160 Tgt 9175,9200 and 9222 (Nifty Spot Levels)

Sell below 9118 Tgt 9100,9080 and 9050 (Nifty Spot Levels)

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