Nifty Bulls fails to hold above 8270,EOD Analysis

  • FII’s bought 8.1 K contract of Index Future worth 510 cores ,9.2 K Long contract were added by FII’s and 1.1 K short contracts were added by FII’s. Net Open Interest increased  by 8.1 K contract, so fall in market was used by FII’s to enter long and enter shorts  in  Index futures. Paul Tudor Jones explaining Why FAILURE is important
  • As discussed in last analysis   Real test of bulls will come in range of 8250-8270,  decisive move can be seen during 04-05 Jan period. Bullish above 8270 for a move towards 8370/8450.Bearish below 8100 for a move till 7997/7900. High made today was 8218 and low 8180 so still the range trade between 8250-8100 continues.  decisive move will be seen outside this range only. As I have been discussing decisive move can be seen in 04-05 Jan so if any side range breaks expect at least 80-100 points move. We got the expected on 05 Jan also closed above the range of 8270, suggesting bulls are in control but any pullback need to close above 8250 now,failing to do so can again see a downfall till 8180/8100. Above 8270 next target are 8330/8370/8450. Nifty closed above 8270 on 05 Jan but failed to give follow up move on 06 Jan  as closed just below 8250. Bulls need a close above 8270 for a move above towards 8370/8450. Bears will be happy to see another close below 8200 for a move towards 8133.  Bank Nifty close above 18250, EOD Analysis

  • Nifty Jan Future Open Interest Volume is at 1.87 core with liquidation of 0.46  Lakh with increase in cost of carry suggesting short position were added today, NF Rollover cost @8031 closed above it.
  • Total Future & Option trading volume at 2.56 Lakh core with total contract traded at 1.1 lakh , PCR @1.
  • 8400  CE  is having Highest OI  at 48.1 lakh, resistance at 8400 followed by 8500 .8000/8600 CE  added 9.2  lakh so bears added aggressively  8400/8500 CE .FII bought 10.6 K CE longs and 2.5 K CE were shorted by them .Retail bought 42.3 K CE contracts and 32.6 K CE were shorted by them.
  • 8000 PE OI@62.7 lakhs having the highest OI strong support at 8000. 8000-8500 PE added 13.7 Lakh in OI so bulls  added in 8200/8100 PE. FII bought 12.2 K PE longs  and 8.4 K PE were shorted by them .Retail bought 34.1 K PE contracts and 36.9 K PE were shorted by them.
  • FII’s sold 255 cores in Equity and DII  bought 165 cores in cash segment.INR closed at 67.96

Buy above 8262 Tgt 8290,8310 and 8330 (Nifty Spot Levels)

Sell below 8233 Tgt 8215,8200 and 8188 (Nifty Spot Levels)

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