Nifty bounces after completing Shark Pattern,EOD Analysis


  • FII’s sold 5.6 K contract of Index Future worth 318 cores ,814 Long contract were liquidated by FII’s and 4.8 K short contracts were added by FII’s. Net Open Interest increased  by 4 K contract, so rise in market was used by FII’s to exit long and  enter shorts in  Index futures.Tips to improve trading
  • As discussed in Last Analysis Nifty is approaching near the swing low of 7551, break of the same we can head towards 7503 where SHARK pattern gets completed. Till we do not see close above 7767 and gann trendline as shown below Bulls will on back hand and bears will try to cover position in range of 7540/7503 if and when it comes. Low made was 7494 shark pattern completed and rallied to touch the 1 target of 7606, and once it moves above 7606 next target 7676. Bullish only on close above 7767.  Bank Nifty bounces from demand zone,EOD Analysis

Nifty Harmonic

  • Nifty January  Future Open Interest Volume is at 2.19 core with addition of 3.5 Lakh with increase in cost of carry suggesting long position added today . Nifty  rollover cost 7930 close below it saw sharp decline
  • Total Future & Option trading volume was   at 2.47 Lakh core with total contract traded at 1.97 lakh , PCR @0.82.
  • 8000  CE  OI at 68.1 lakh , wall of resistance @ 8000 .7600/8000 CE  added 33 lakh in OI as bears added aggressively in 7700/7800 CE .FII bought 21.2 K CE longs and 17.1 K CE were shorted by them .Retail bought 37.3 K CE contracts and 23.9 K CE were shorted  by them.
  • 7500 PE OI@59.9 lakhs  strong base @ 7500. 7500/8000 PE  liquidated 8 lakh so bulls ran for cover .FII bought 30.6 K PE longs and 4.7 K PE were shorted by them .Retail bought 9.5 K PE contracts and 26.8 K  PE were shorted  by them.
  • FII’s sold 1319 cores in Equity and DII’s bought 901 cores in cash segment.INR closed at 66.8

Buy above 7584 Tgt 7610,7630 and 7665 (Nifty Spot Levels)

Sell below 7550 Tgt 7525,7503 and 7481 (Nifty Spot Levels)

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