Nifty ready for Relief Rally

By | June 17, 2019

  • FII’s bought 2.6 K contract of Index Future worth 58 cores 4.9 K Long contract were added by FII’s and 2.2 Short contracts were added by FII’s. Net Open Interest increased  by 7.1 K contract, so fall in Nifty was used by FII’s to enter long and enter short in  Index futures.FII’s Long to Short Ratio at 1.45 How Comfortable you are with your trading ?
  • As Discussed in Last Analysis  Nifty bulls need to close above 11847 for a move back to 11910/11987/12041. Bears will get active below 11769 for a move back to 11721/11666.
  • High made was 11844 so Bulls were not able to move above 11847 and bear 11769 bears had upper hand and pushed nifty towards 11666. Tomorrow is important time cycle date so possibility of a short term bounce if we held on to 11666-11680 range. Bulls will get active above 11700 for a move towards 11754/11808/11863. Bears will get active below 11650 for a move back to 11600/11555.

  • Nifty June Future Open Interest Volume is at 1.88 core with addition of 3.8 Lakh with  increase in  cost of carry suggesting long position were added today, NF Rollover cost @11954 closed above it.
  • Total Future & Option trading volume at 8.02 Lakh core with total contract traded at 1.08 lakh , PCR @0.87
  • 12000 CE  is having Highest OI  at 25.8 Lakh, resistance at 12000 followed by 12100 .11000-11800 CE added 2.4 Lakh in OI so bears added position in range of 11800-12000.FII bought 12.9 K CE long and 7.5 K CE were shorted by them. DII bought 179 K CE and 1065 K CE were shorted by them.
  • 11600 PE OI@17 Lakhs having the highest OI strong support at 11600 followed by 11500 . 11000-11700 PE added  0.31 Lakh in OI so bulls added  position in range 11600-11500.FII bought 25.2 K PE long and 2.2 K shorted PE were covered  by them. DII bought 7.8 K PE and 27 K PE were shorted by them.

Buy above 11700 Tgt 11727,11754 and 11785  (Nifty Spot Levels)

Sell below 11645 Tgt 11616,11585 and 11555  (Nifty Spot Levels)

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2 thoughts on “Nifty ready for Relief Rally

  1. Bramesh Post author

    Election day low was 30111 on bank nifty

  2. Kumaran

    Sir,We are tested and Closed Below the Election Day Low on Bank Nifty.Actually if we want to carry the Positional shorts ,do we need to consider the Weekly Close or Daily Close..

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