Nifty Technical Analysis before Budget 2017

  • FII’s sold 4.3 K contract of Index Future worth 320 cores ,6.6 K Long contract were liquidated by FII’s and 492 short contracts were added by FII’s. Net Open Interest decreased  by 8.9 K contract, so fall in market was used by FII’s to exit long and enter  long in  Index futures. Common Excuses Made By Losing Traders
  • As discussed in last analysis  Bearish below 8600 for a move till 8550/8500 and bullish above 8700 for move towards 8775/8820. As soon as 8600 was broken Nifty made low of 8552 near our target of 8550 as its was support zone as shown in below. As we have budget tomorrow Breakout above 8675 for a move towards 8710/8775/8820. Bearish below 8550 for a move till 8480/8410. Range of Budget can be in between 8410-8710.   Bank Nifty Technical Analysis before Budget 2017

  • Nifty Feb Future Open Interest Volume is at 1.94 core with liquidation of 4.9 Lakh with decrease in cost of carry suggesting long position were closed today, NF Rollover cost @8468.
  • Total Future & Option trading volume at 3.02 Lakh core with total contract traded at 1.15 lakh , PCR @0.88
  • 9000  CE  is having Highest OI  at 55.7 lakh, resistance at 9000 followed by 8700 .8400-9000 CE added 9 Lakh in OI so bulls added in 8900/9000 CE .FII sold 7.7 K CE longs and 23.9 K CE were shorted by them .Retail bought 105 K CE contracts and 38.1 K CE were shorted  by them.
  • 8400 PE OI@48.7 lakhs having the highest OI strong support at 8400 followed by 8200. 8400-9000 PE added 12.3 Lakh in OI so bulls added in 8400/8500 PE. FII bought 59 K PE longs  and 16.2 K PE were shorted by them .Retail bought 21 K PE contracts and 46 K PE were shorted by them.
  • FII’s sold 532 cores in Equity and DII bought 237 cores in cash segment.INR closed at 67.86

Buy above 8600  Tgt 8660,8710 and 8775 (Nifty Spot Levels)

Sell below 8530 Tgt 8460,8410 and 8360 (Nifty Spot Levels)

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