Nifty facing resistance above 11600

By | July 16, 2019

  • FII’s bought 3.7  K contract of Index Future worth 263 cores 262  Long contract were added by FII’s and 3.5 K Short contracts were covered by FII’s. Net Open Interest decreased  by 3.2 K contract, so rise in Nifty was used by FII’s to enter long and exit short in  Index futures.FII’s Long to Short Ratio at 0.99  How Comfortable you are with your trading ?
  • As Discussed in Last Analysis Nifty Bulls will again get active above 11610 for a move back to 11666/11730. Bears will become active below 11512 for a move back to 11461/11410.As per time cycle good move should be seen in nifty in coming 2 sessions. Nifty Opened with gap up but unable to sustain above 11610 and also unable to close below 11512 so we trade in range and waiting for breakout above 11610 or breakdown below 11512. We are facing lot of resistance at higher level as shown in below gann chart. Support have become resistance now.Nifty Bulls will again get active above 11610 for a move back to 11666/11730. Bears will become active below 11512 for a move back to 11461/11410. 16 is important date as per Neural Analysis

  • Nifty July Future Open Interest Volume is at 1.66 core with liquidation of 3.43 Lakh with  decrease in  cost of carry suggesting long position were closed today, NF Rollover cost @11841 closed below it.
  • Total Future & Option trading volume at 7.72 Lakh core with total contract traded at 0.86 lakh , PCR @0.89
  • 12000 CE  is having Highest OI  at 32 Lakh, resistance at 11700 followed by 11800 .11500-12000 CE added 7.5 Lakh in OI so bears added position in range of 11700-12000. FII bought 6.3 K CE long and 461 shorted CE were covered by them. Retail bought 101 K CE and 72 K CE were shorted by them.
  • 11500 PE OI@17.6 Lakhs having the highest OI strong support at 11500 followed by 11400 . 11000-11700 PE liquidated 0.77 Lakh in OI so bulls covered position in range 11500-11600. FII bought 8.5 K PE long and 5.9 K PE were shorted by them. Retail bought 63.8  K PE and 72.8 K PE were shorted by them.

Buy above 11609 Tgt 11639,11655 and 1168- (Nifty Spot Levels)

Sell below 11570 Tgt 11550,11521 and 11485 (Nifty Spot Levels)

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