FII’s sold 17.3 K contract of Index Futures worth 645 cores (7.8 K longs were squared off and 9.5 K shorts were added in Index Future) with net OI increasing by 1.7 K contracts.FII’s added shorts today aggressively .
As discussed in Weekly Analysis Nifty as per Gann grid is having strong support at red line marked by Green arrow and strong resistance in red line as shown with red arrow in below chart. Nifty took exact support at 7239 green line and is moving near the green line in range of 7430-7450. On Hourly charts Nifty is near the downward trendline resistance, also as per EW there are 2 possibility as shown below either a move till 7504 or back to 7300 .
Nifty Future May Open Interest Volume is at 1.51 cores with liquidation of of 7.3 lakhs in Open Interest, suggesting long liquidation.
Total Future & Option trading volume at 1.14 lakh core with total contract traded at 1.4 lakh.PCR @0.78
7500 Nifty CE is having highest OI at 58.6 lakhs remains the strong resistance of the market, followed by 7400 CE.IV’s of Calls are very low suggesting bullish bias in market participants. FII’s bought 9 K CE longs and 3.2 K CE were shorted by them suggesting range bound move in next few session can come.
7200 PE OI at 37.7 lakh remains a strong support from start of series, 7300 PE addec 1 lakhs suggesting support at 7300 for next few days, .FII’s bought 7.6 K PE longs and 11.4 K PE were shorted by them.
FIIs bought 192 cores in Equity and DII sold 191 cores in cash segment.INR closed above 59.33.