Nifty continue to trade in range 9367-9270

By | May 7, 2017

  • FII’s sold 14.5 K contract of Index Future worth 1088 cores ,10.9 K  Long contract were liquidated by FII’s and 3.6  Short contracts were added by FII’s. Net Open Interest decreased  by 7.1 K contract, so fall in market was used by FII’s to exit long and enter short in  Index futures. Is It possible to Trade without emotion
  • As discussed in last analysis   So even though we held on the gann angle but still unable to break the range of 9274-9367. Trend trades still on sidelines range trades making merry. Breakout above 9367 for a move towards 9424/9462. Nifty made a fresh life high at 9377 which got immediately sold off towards the lower end of range at 9270, So we continue to trade in range of 9367-9270 near gann angle support suggesting both bulls and bears are fighting hard for the range expansion. As per time analysis May 11 is important date. Plan remains same for scalpers buy lower end of range @9270  sell higher @9367 with strict sl. Trend  trader should wait for range break for move towards 9425/9460 on upside and 9220/9170 on downside.  Will Bank Nifty Bulls hold 21500 for another rally ?

  • Nifty May Future Open Interest Volume is at 1.88 core with Liquidation of 8.6 Lakh with increase in  cost of carry suggesting short position were closed today, NF Rollover cost @9307 Closed above it.
  • Total Future & Option trading volume at 4 Lakh core with total contract traded at 1.23 lakh , PCR @1.17
  • 9400  CE  is having Highest OI  at 54.8 lakh, resistance at 9400 followed by 9500 .9000-9500 CE added 19.4 Lakh in OI so bears added aggressively in 9400-9500 CE.FII bought 8.2 K CE longs and 5.2 K  CE were shorted  by them.Retail bought 66.6 K CE contracts and 29.7 K  CE were shorted  by them.
  • 9300 PE OI@48.9 lakhs having the highest OI strong support at 9200 followed by 9200. 9000-9500 PE liquidated 20.7 Lakh in OI so bulls liquidated in 9100/9200/9300 PE . FII bought 24  K PE and 2.5 K PE were shorted by them.  .Retail sold 26.2 K PE contracts and 17.7 K shorted PE were covered by them.
  • FII’s sold 363 cores in Equity and DII’s bought 298 cores in cash segment.INR closed at 64.38

Buy above 9312  Tgt 9344,9377 and 9401 (Nifty Spot Levels)

Sell below 9270 Tgt 9245,9220 and 9201 (Nifty Spot Levels)

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