Will Nifty hold 7916 Swing low ,EOD Analysis

  • FII’s sold 10.5 K contract of Index Future worth 653 cores ,10.7 K Long contract were added by FII’s and 21.2 K short contracts were added by FII’s. Net Open Interest increased  by 32 K contract, so rise in market was used by FII’s to enter long and enter  shorts  in  Index futures. Don’t Hope,… Decide!
  • As discussed in last analysis  Nifty did low of 8062, Today low is very crucial its kind of make or break level looking at the current price action and time analysis, Break of 8056 will see a move towards 7972/7916. Holding the same another bounce towards 8150/8200. Close below 8051 move towards 8000/7916. Nifty opened at 8046 below 8050 and did the target of 8000/7972. Unable to close above 8000 bears will break the swing low of 7916 but the range of 7880-7900 is very important support zone so shorts should cover in that range if and when it comes. Weekly close tomorrow Bulls would like to see close above 8000 and bears below 7920. Nifty made low of 7942 but failed to close above 8000,Till we do not see closed above 8000 Bears have upper hand and high probability we can break swing low of 7916. Range of 7880-7900 is again the important zone, break of the range on downside move towards 7800/7700. Holding the same move towards 8130/8250.   Bank Nifty forms Doji near gann support zone,EOD Analysis

 

  • Nifty Dec Future Open Interest Volume is at 1.36 core with addition of 7 Lakh with increase in cost of carry suggesting short  position were added today, NF Rollover cost @8049 closed above it.
  • Total Future & Option trading volume at 3.50 Lakh core with total contract traded at 1.39 lakh , PCR @0.86.
  • 8200  CE  is having Highest OI  at 51.3 lakh, resistance at 8200 followed by 8200 .7900/8300 CE  added 35.2  lakh so bears added aggressively  8000/8100 CE .FII sold 5.4 K CE longs and 4.4 K shorted CE were covered by them .Retail bought  27.9 K CE contracts and 9.1 K CE were shorted by them.
  • 8000 PE OI@59 lakhs having the highest OI strong support at 8000. 7900-8300 PE liquidated 3.8 Lakh in OI so bulls  liquidated in 8100/8000 PE. FII bought 26 PE longs  and 9.6 K PE were shorted by them .Retail bought 25.2 K PE contracts and 29.9 K PE were shorted by them.
  • FII’s sold 1462 cores in Equity and DII  bought 1614 cores in cash segment.INR closed at 67.82

Buy above 7997 Tgt 8020,8050 and 8080 (Nifty Spot Levels)

Sell below 7965 Tgt 7948,7920 and 7880 (Nifty Spot Levels)

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