Nifty Bulls continue to protect 8370,EOD Analysis

  • FII’s sold 341 contract of Index Future worth 118 cores ,9.6 K Long contract were added by FII’s and 9.9 K short contracts were added by FII’s. Net Open Interest increased  by 19.5 K contract, so rise in market was used by FII’s to enter long and enter shorts  in  Index futures. Do not Strike when Angry
  • As discussed in last analysis   Now going forward fresh long should be taken above 8460 only. Nifty has rallied 567 points so small consolidation in a range should be done before the next leg of rally. Trading below 8410 nifty can see correction towards 8338/8250, Bullish above 8460 for a next move towards 8555/8598/8680.  Nifty  made high of 8426 and low of 8374 so bulls unable to close above 8460 and bears below 8370. As 8370 was previous resistance now it has become a solid support as from past 2 days low on Nifty was 8373/8374. Bearish below 8370 for a move towards 8330/8250. Bullish above 8460 zone in between see saw move.  Bank Nifty breaks gann resistance zone,EOD Analysis

  • Nifty Jan Future Open Interest Volume is at 2.01  core with addition of 2.2 Lakh with increase in cost of carry suggesting long  position were added today, NF Rollover cost @8031 closed above it.
  • Total Future & Option trading volume at 3.15 Lakh core with total contract traded at 0.81 lakh , PCR @1.15
  • 8400  CE  is having Highest OI  at 49.9 lakh, resistance at 8400 followed by 8500 .8000/8600 CE  liquidated 1.9 Lakh so bears covered there position in 8200/8300 CE suggesting nifty ready for further upmove .FII bought 8.7 K CE longs and 1.8 K CE were shorted by them .Retail bought 12 K CE contracts and 11.2 K CE were shorted by them.
  • 8300 PE OI@65.8 lakhs having the highest OI strong support at 8300 followed by 8200. 8000-8600 PE added 17.4 Lakh in OI so bulls  added in 8300/8400 PE. FII bought 13.4 K PE longs  and 27.4 K PE were shorted by them .Retail bought 48.7 K PE contracts and 17.9 K PE were shorted by them.
  • FII’s sold 347 cores in Equity and DII  bought 203 cores in cash segment.INR closed at 68.09

Buy above 8435  Tgt 8456,8485 and 8501 (Nifty Spot Levels)

Sell below 8400 Tgt 8380,8360 and 8340 (Nifty Spot Levels)

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