Will Nifty bulls protect 9390 zone for a bounce back ?

By | May 18, 2017

  • FII’s sold 2 K contract of Index Future worth 140 cores ,2.2 K Long contract were liquidated by FII’s and 218 Short contracts were liquidated by FII’s. Net Open Interest increased  by 2.5 K contract, so fall in market was used by FII’s to exit long and exit short in  Index futures. Why Do Traders Lose Money Part -I?
  • As discussed in last analysis  Now bulls should hold the range of 9450-60 range for  a move towards 9590 which is major zone of resistance, Bearish below 9368 only. Nifty Bulls were unable to hold on to support of 9450, now heading towards major support zone of 9370-9390 as per below chart, holding the same we can see up move towards 9540/9590. Bearish below 9390 for a move towards 9345/9290. Bank Nifty holds the gann angle, Will it bounce again ?

  • Nifty May Future Open Interest Volume is at 2 core with liquidation of 21 Lakh with decrease in  cost of carry suggesting long position were closed today, NF Rollover cost @9307 Closed above it.
  • Total Future & Option trading volume at 8.6 Lakh core with total contract traded at 1.34 lakh , PCR @1.03
  • 9500  CE  is having Highest OI  at 61.8 lakh, resistance at 9500 followed by 9450 .9000-9500 CE added 16.9 K Lakh in OI so bears added aggressively  in 9400-9500 CE.FII sold 11.1 K CE longs and 184 CE were shorted  by them.Retail bought 4.4 K CE contracts and 29.9 K shorted  CE were covered by them.
  • 9300 PE OI@67.5 lakhs having the highest OI strong support at 9300 followed by 9200. 9000-9500 PE liquidated 48 Lakh in OI so bulls ran for cover in 9300-9500 PE . FII bought 26 K PE and 22.4 K shorted PE were covered by them. Retail sold 183 K PE contracts and 73.3 K shorted PE were covered by them.
  • FII’s sold 360 cores in Equity and DII’s bought 897 cores in cash segment.INR closed at 64.89

Buy above 9445 Tgt 9470,9500 and 9520 (Nifty Spot Levels)

Sell below 9415 Tgt 9400,9370 and 9350 (Nifty Spot Levels)

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3 thoughts on “Will Nifty bulls protect 9390 zone for a bounce back ?

  1. Bramesh Post author

    Will be updated from Monday..

  2. Vamsi

    Sir, can you update stock positional sheet regularly.

  3. vijay

    In your weekly review you had mentioned gann turn date as 18th may and market obliged by turning on the 18th. kudos. Now is it an impulse in the downward direction if there is a faster retracement ?

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