- FII’s sold 7936 contract of Index Futures worth 267 cores (963 longs were added and 8.8 K shorts were added in Index Future) with net OI increasing by 9.8 K contracts. So today’s FII’s continued adding shorts in Index future.
- Nifty closed below its 20 DMA for 2 day in row which is bearish in short term, As discussed in last analysis Elliot wave give target if 6675 , Nifty made a low of 6656 and bounce back. As per latest EW analysis if 6640 is not broken we can see bounceback till 6750 odd levels. Weekly closing tomorrow bulls would like to close above 6779, Bear below 6650.
- Nifty Future May Open Interest Volume is at 1.29 cores with addition of of 0.53 lakhs in Open Interest, suggesting neutral position got added.
- Total Future & Option trading volume at 1.06 lakh core with total contract traded at 3.3 lakh , PCR (Put to Call Ratio) at 0.90
- 7000 Nifty CE is having highest OI at 38.1 lakhs , resistance for the market with 2.2 lakh addition, 6800 CE with OI at 29.8 Lakhs,saw addition of 2.1 lakhs suggesting bears are making positions on 6800 and it will be difficult to cross 6800. FII’s bought 2.5 K CE longs and 20.2 K CE were shorted by them.6300-7000 CE added 6.6 lakhs.
- 6500 PE is having highest OI at 31.1 lakh with addition of 1.6 lakhs remains a strong support for the series, 6800 PE saw a addition of 1.4 lakhs in OI show smart money buying 6800 PE.FII’s bought 49.1 K PE longs and 33.1 K PE were shorted by them.6300-7000 CE added 22 lakhs. Looking at Option data it seems FII’s are playing for range bound move from 6600-6800.
- FIIs bought 454 cores in Equity and DII bought 6 cores in cash segment.INR closed above 60.32.
- Nifty Futures Trend Deciding level is 6759 (For Intraday Traders). NF Trend Changer Level (Positional Traders) 6818 and BNF Trend Changer Level (Positional Traders) 13116 .How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 6711 Tgt 6740,6765 and 6780 (Nifty Spot Levels)
Sell below 6690 Tgt 6666, 6641 and 6601 (Nifty Spot Levels)
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