Nifty stuck in gann angle, range breakout on cards

By | June 21, 2018

  • FII’s bought 2.1 K contract of Index Future worth 267 cores ,2 K Long contract were added by FII’s and 65 Short contracts were covered by FII’s. Net Open Interest increased  by 1.9 K contract, so fall in market was used by FII’s to exit long and exit short in  Index futures.  FII’s Long to Short Ratio at 0.58. What is a reasonable objective for a day trader?
  • As Discussed in Last Analysis  Bullish above 10740 for a move back to 10777/10830. As soon as 10740 was broken bulls push index towards our 1 target of 10777 and waiting for next traget of 10830/10888 till we are holding 10730. Bearish Below 10700 we can continue to see fall towards 10666/10617 where we have gann angle support. High made today was 10810 and low made was 10725 so nifty continue to hold 10730 and also stuck in the gann angle as shown below which is leading to range contraction as tomorrow is very important gann date so we can see range breakout either tomorrow or Monday.Bullish till we hold 10730 for a move towards 10777/10830/10890 . Bearish Below 10700 we can continue to see fall towards 10666/10617 Important intraday time for reversal can be at 11:17/1:32.Bank Nifty Analysis as we approach important time cycle date of 22 June

  • Nifty June Future Open Interest Volume is at 2.46 core with addition of 0.78 Lakh with decrease in  cost of carry suggesting short position were closed today, NF Rollover cost @10656 closed above it.
  • 11000 CE  is having Highest OI  at 52.9 Lakh, resistance at 10900 followed by 11000 .10300-11000 CE added 17.8 lakh in OI so bears  added position in range of 10800-11000 CE. FII sold 2 K CE and478 shorted CE were covered  by them. Retail sold 47.4 K CE and 53.9 K shorted CE were covered by them.

 

  • 10700 PE OI@48.4 lakhs having the highest OI strong support at 10700 followed by 10600 . 10300-11000 PE  liquidated 12 Lakh in OI so bulls covered position in range 10700-10800 PE. FII sold 11.2 K PE and 8.6 shorted PE were covered by them. Retail sold 127 K PE and 93.6 K shorted PE were covered  by them.
  • Total Future & Option trading volume at 17 Lakh core with total contract traded at 1.01 lakh , PCR @0.90

 

  • FII’s bought 1126 cores  and DII’s bought 663 cores in cash segment.INR closed at 67.98

 

Buy above 10758 Tgt 10790,10810 and 10840 (Nifty Spot Levels)

Sell below 10705 Tgt 10675,10650 and 10630 (Nifty Spot Levels)

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