Nifty breaks above 8270, follow up move awaited,EOD Analysis

  • FII’s bought 26.8 K contract of Index Future worth 1673 cores ,42.3 K Long contract were added by FII’s and 1.1 K short contracts were liquidated by FII’s. Net Open Interest increased  by 5.1 K contract, so fall in market was used by FII’s to enter long and enter shorts  in  Index futures. Traders New Year’s Resolutions for 2017
  • 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. Will Bank Nifty break 18250,EOD Analysis

  • Nifty Jan Future Open Interest Volume is at 1.87 core with addition of 12.4  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 5.13 Lakh core with total contract traded at 1.4 lakh , PCR @0.95.
  • 8200  CE  is having Highest OI  at 41.7 lakh, resistance at 8200 followed by 8400 .8000/8600 CE  added 2.5 lakh so bears added aggressively  8400/8500 CE .FII bought 42.3 K CE longs and 1.2 K CE were shorted by them .Retail sold  152 K CE contracts and 54.2 K shorted CE were covered by them.
  • 8000 PE OI@62.6 lakhs having the highest OI strong support at 8000. 7900-8500 PE added 23 Lakh in OI so bulls  added in 8200/8000 PE. FII sold 25.4 K PE longs  and 7.9 K PE were shorted by them .Retail bought 2.7 K PE contracts and 40.1 K shorted PE were covered by them.
  • FII’s sold 86 cores in Equity and DII  bought 449 cores in cash segment.INR closed at 67.96

Buy above 8275 Tgt 8295,8315 and 8350 (Nifty Spot Levels)

Sell below 8260 Tgt 8240,8223 and 8200 (Nifty Spot Levels)

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