Nifty Hits Gann Angle Resistance

By | March 16, 2019

  • FII’s bought 23.8 K contract of Index Future worth 2361 cores 32.9 K Long contract were added by FII’s and 9 K  Short contracts were covered by FII’s. Net Open Interest increased  by 41.9 K contract, so rise in Nifty was used by FII’s to enter long and enter short in  Index futures.FII’s Long to Short Ratio at 1.63. Recency Bias and Its Influence in Trading
  • As Discussed in Last Analysis  Now Fresh long can be taken above 11385 for a move towards 11449/11500. Bearish below 11230 for a move back to 11156/11100. 11487 done near our target of 11500 above 11385.Nifty reacted from gann angle resistance as shown from below chart. Now Bulls need to close above 11500 above gann angle resistance for a move back to 11570/11610/11664. Bears will get active only below 11370 for a move back to 11312/11270. 16 Mar is very important date so we will see effect on Monday.

  • Nifty March Future Open Interest Volume is at 2.06 core with addition of 2.4 Lakh with  increase in  cost of carry suggesting long position were closed today, NF Rollover cost @10868 closed above it,rallied 620 points
  • 11500 CE  is having Highest OI  at 23.4 Lakh, resistance at 11500 followed by 11600 .10800-11500 CE liquidated 16.1 Lakh in OI so bears covered position in range of 11200-11300. FII bought 15.9 K CE and 11.4 K CE were shorted by them. Retail bought 34 K CE and 26.7 K CE were shorted by them.
  • 11200 PE OI@ 26.1 Lakhs having the highest OI strong support at 11200 followed by 11100 . 10500-11000 PE added 9.6 Lakh in OI so bulls added position in range 11200-11300 PE.FII bought 15.8 K PE and 40 K PE were shorted by them. Retail bought 134 K PE and 89.6 K PE were shorted  by them.
  • Total Future & Option trading volume at 8.82 Lakh core with total contract traded at 1.65 lakh , PCR @0.83

Buy above 11450 Tgt 11465,11485 and 11520 (Nifty Spot Levels)

Sell below 11418 Tgt 11397,11366 and 11339 (Nifty Spot Levels)

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