Nifty Technical Analysis amid Global market correction


  • This is what we discussed yesterday Bounce was on back of low volumes and will not be surprised nifty retracing the whole up move tomorrow. 34 HEMA @ 7773 needs to be closely watched tomorrow. As per EW also Nifty made short term top of 7837 and can see a downmove till 7581.  Global markets are seeing a correction of 1-2% and SGX also trading -70 points. Strong support lies in range of 7650-7640, Holding the same we can see some bounceback tomorrow till 7700, Weekly closing tommrow bulls will like to protect 7600 and bears would like to see a close below 7580

Nifty Hourly EW

  • Nifty Future Aug Open Interest Volume is at 1.32 cores, series is starting on lighter note, so some trending moves can be seen, rollover range comes @ 7866-7743.
  • Total Future & Option trading volume was   at 4.20  lakh core with total contract traded at 2.8  lakh. PCR @0.93
  • 8000 CE  OI at 39.9  lakh  suggesting wall of resistance , 7900 CE saw 10.8  lakh addition is having the second highest OI so 7900 is the cieling for market in short term.
  • 7300 PE OI@ 48.1  lakhs suggest bulls making base @ 7300 , 7500 PE added 9.2 lakhs so another strong base @7500.
  • FIIs sold 1655 cores in Equity and DII bought 1420 cores in cash segment.INR closed at 60.55. FII sold the biggest sell in cash market in last 2 months.


Buy above 7741 Tgt 7771,7800 and 7822 (Nifty Spot Levels)

Sell below 7680 Tgt 7650, 7610 and 7526 (Nifty Spot Levels)


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