Nifty close above 8840, EOD Analysis

  • FII’s sold 15.7 K contract of Index Future worth 1141 cores , 6.5 K Long contract were liquidated by FII’s and 9.1 K short contracts were added by FII’s. Net Open Interest increased  by 8.7 K contract, so rise in market was used by FII’s to exit long and enter short in  Index futures. What to Do after Trade is completed
  • As discussed in last analysis   Now 8763 will become the new 8681. Bulls should protect 8763 and close above 8840 for the move towards 8900/8969/9120 intact in coming days, Bearish below 8763 for a move towards 8710/8630. Finally we closed above 8840 and bulls protected 8763, Bulls now need a close above 8910 for a move towards 8969/9050/9120. Range of 8900-9000 is again supply zone as nifty so move will be slow and time confusing, more time spent around this range better for market for the next leg of upmove. Bearish only on close below 8763 for a move towards 8720/8681.  Bank Nifty continue the upmove holding 20500,EOD Analysis

  • Nifty Feb Future Open Interest Volume is at 2.42 core with liquidation of 3.6 Lakh with decrease in cost of carry suggesting long position were closed today, NF Rollover cost @8468.
  • Total Future & Option trading volume at 5.31 Lakh core with total contract traded at 1.37 lakh , PCR @0.98
  • 9000  CE  is having Highest OI  at 66.4 lakh, resistance at 9000 followed by 8900 .8500-9000 CE liquidated 7 Lakh in OI so bears liquidated in 8800/9000 CE .FII bought 6.5 K CE longs and 8.7 K CE were shorted by them .Retail sold 5.2 K CE contracts and 8.7 K CE were shorted by them.
  • 8800 PE OI@56.4 lakhs having the highest OI strong support at 8800 followed by 8700. 8500-9000 PE  added 20 Lakh in OI so bulls added in 8800/8900 PE. FII sold 3.4 K PE and 3.5 K PE were shorted by them  .Retail bought 66.4 K PE contracts and 39.1 K PE were shorted by them. Retailers keep buying PE and market keep going up.
  • FII’s sold 433 cores in Equity and DII’s bought 827 cores in cash segment.INR closed at 66.92

Buy above 8890  Tgt 8910,8930 and 8953 (Nifty Spot Levels)

Sell below 8850 Tgt 8830,8801 and 8780 (Nifty Spot Levels)

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