Nifty rally above 7850,Will it close above 7972 ?


  • FII’s bought 16 K contract of Index Future worth 994 cores ,45 K Long contract were added by FII’s and 28.9  K short contracts were added by FII’s. Net Open Interest increased  by 73.9 K contract, so rise in market was used by FII’s to enter  long and  enter  shorts in  Index futures. The Recency Effect – How it affects Trading
  • As discussed in last analysis   So we can trade between 7850-7972 range before taking next move. Till close is above gann number of 7850 bulls are in control  High made was 7974 and Low 7822 but closed below 7972, so gann number of 7850 did the trick with a fast rise but still not able to close above 7972, Bulls need a close above 7972 for next move till 8100/8250. Bank Nifty close above 200 DMA,EOD Analysis

Bank Nifty Supertrend


  • Nifty April Future Open Interest Volume is at 1.17 core with liquidation of  22.2 Lakh with decrease in cost of carry suggesting long position were closed today, NF  Rollover cost @7740, Nifty future rallied 300 points above this level.
  • 8000  CE  is having Highest OI  at 67.1 lakh, resistance at 8000 .7800/8000 CE  liquidated 52 lakh so bears liquidated  as we closed above 7850 .FII sold 607 CE longs and 4 K CE were shorted by them .Retail sold 57  K CE contracts and    17 K shorted  CE were covered by them.
  • 7800 PE OI@62.8  lakhs having the highest OI strong support at 7800. 7800-8000 PE added 39 Lakh in OI so strong base near 7800 .FII bought 6.8 K PE longs  and 11.9 K PE were shorted  by them .Retail bought 59.6 K PE contracts and 14.4 K PE were shorted  by them.
  • FII’s bought 512 cores in Equity and DII’s sold 21 cores in cash segment.INR closed at 66.52

Buy above 7980 Tgt 8017,8045 and 8071 (Nifty Spot Levels)

Sell below 7950 Tgt 7920,7890 and 7865 (Nifty Spot Levels)

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