Nifty close above 7100, Elliot wave analysis

• FII’s bought  42023  contract of Index Futures worth 1500 cores (50.3 K  longs were added and 8.2 K shorts were added in Index Future) with net OI increasing by 58.5 K contracts.FII’s were big buyers today once exit polls were out yesterday.

• Nifty continued its run and very comfortably closed above 7100, How far this run can go Is 8000 on cards , Will we see a panic decline, Will be again go back to 6700 odd levels are the question asked by traders to me. My answer I have shared my analysis using Elliot wave showing target of 7229, As per Harmonic pattern  around 7400. Will market go there I do not know, We need to mange our risk and go with the trend.  Another common theme among traders is market has risen so much it will fall know, I just want to share study which shows market move in May month during election
  

• Nifty Future May Open Interest Volume is at 1.60 cores with addition of of 10.3 lakhs in Open Interest, suggesting long addition.

• Total Future & Option trading volume at 1.87  lakh core with total contract traded at 4.2 lakh. VIX showed a big decline today resulting in option premium getting eroded even though nifty was up by 100 points. I have cautioned readers regarding this well in advance, hope no one was caught on wrong side.

• 7200 Nifty CE  is having highest OI at 50.8  lakhs followed by 7000 CE, so 7200 can offer some resistance of market tomorrow  ,7400 – 7600 CE saw a huge addition of 7.6 lakh in OI suggesting speculative buying happening, FII’s bought 12.9  K CE longs and 32.6 K CE  were shorted by them such a huge addition in call short indicates VIX will see a fall and leading to fall in option prices even though Nifty will rise.

• 6400 PE   is having highest OI at  56.7  lakh  remains a strong support for the series, 6500 PE  saw  liquidated 3.9  lakhs in OI. 6900-7000 PE saw a good addition are upcoming support of the market. FII’s bought 17.1 K PE longs and 19.7 K shorted  PE were covered by them.

• FIIs bought 2026  cores in Equity and DII sold 649 cores in cash segment.INR closed above 59.66.
  

• Nifty Futures Trend Deciding level is 7140 (For Intraday Traders). NF Trend Changer Level (Positional Traders) 6997  and BNF Trend Changer Level (Positional Traders) 13200 .How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
  

Buy above 7116 Tgt 7148,7172 and 7213(Nifty Spot Levels)

Sell below 7100 Tgt 7067, 7043 and 7014 (Nifty Spot Levels)

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