Nifty does 8981 holding 8910, EOD Analysis

  • As discussed in last analysis  High made today was 8960 near our target of 8981 and closed above 8910 suggesting another attempt will be made to break the range of 8981 for next move towards 9050/9120. As the market moves higher traders need to tighter there SL, As per gann analysis only on close below 8827 the current uptrend will end, Till 8827 is held bulls will make merry and move towards the life highs of 9120. Trailing position is the best way to ride such strong trending market and not speculating when market will form a top. High made was 8982 near the gann angle resistance level, as we have been discussing in process doing our target of 8982 above 8910. Bulls should protect the level of 8847 now for the current trend to continue. Fresh long above 8990 for move towards 9060/9120. Bearish only below 8840 for a move towards 8757/8700/8672Bank Nifty does 21000 holding 20750,EOD Analysis

  • Nifty March Future Open Interest Volume is at 2.18 core with addition of 64 Lakh with decrease in cost of carry suggesting long position were added today, NF Rollover cost @8925 and rollover at 71%
  • Total Future & Option trading volume at 9.58 Lakh core with total contract traded at 1.85 lakh , PCR @0.98
  • FII’s bought 392 cores in Equity and DII’s sold 445 cores in cash segment.INR closed at 66.82

Buy above 8950  Tgt 8971,8990 and 9026 (Nifty Spot Levels)

Sell below 8915 Tgt 8895,8865 and 8840 (Nifty Spot Levels)

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