Nifty Analysis as Mercury Turns Retrograde

  • FII sold 4.8 K contract of Index Future worth 298 cores, Net OI has increased by 3.6 K contract, 610  Long contract were liquidated by FII and 4.2 K short were added by FII. Net FII Long Short ratio at 0.64, So FII used rise to exit longs and enter shorts.
  • As discussed in last analysis  Bulls need to close above 11900 for a move back to 11946/12000/12068. Bears will get active below 11850 for a move back to 11800/11740. High made was 11946 , As we have Mercury Retrograde we should see a good move in market in next 2 days.Bulls need to break 11910 for the upmove to continue towards 11975/12034/12080. Bears have there chance below 11850  for a move back to 11800/11740/11666.

  • Total Future & Option trading volume at 7.53 Lakh core with total contract traded at 0.85 lakh , PCR @0.93
  • Nifty Nov Future Open Interest Volume is at 1.55 Lakh core with liquidation of 0.21 Lakh with increase in cost of carry suggesting long  position were closed today, NF Rollover cost @11814 closed above it.

 

  • 12000 CE is having Highest OI at 22 Lakh, resistance at 12000 followed by 12100 .11500-12000 CE added 10 Lakh in OI so bears added position in range of 12000-12200. FII bought 1 K CE and 449  K shorted CE were covered  by them. Retailers bought 109 K CE and 77  K  CE were shorted by them.
  • 11800 PE OI@17 Lakhs having the highest OI strong support at 11800 followed by 11700 . 11500-12000 PE added 10 Lakh in OI so bulls added position in range 11800-11700.FII sold 239 PE and 3.4 K shorted PE  were covered by them.Retailers bought 56.8 K PE and 45.2 K  PE were shorted by them.
  • FII’s sold 270 cores and DII’s bought 309 cores in cash segment.INR closed at 71.89

Buy Above 11900 Tgt 11921,11946and 11975 (Nifty Spot Levels)

Sell Below 11850 Tgt 11820,11800 and 11777 (Nifty Spot Levels)

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