Nifty does 8900 holding 8840, EOD Analysis

  • FII’s sold 14.1 K contract of Index Future worth 1017 cores , 8.5 K Long contract were added by FII’s and 22.6 K short contracts were added by FII’s. Net Open Interest increased  by 31.1 K contract, so rise in market was used by FII’s to exit long and enter short in  Index futures. The Role of Regret in Trading
  • 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, 8900 done today and closed at 8907. Bulls now need a close above 8910 as its the gann angle resistance as shown in below chart, closing above it Nifty can move towards 8981/9050/9120. 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 8788 for a move towards 8720/8681.  Bank Nifty rally 400 points from gann support,EOD Analysis

  • Nifty Feb Future Open Interest Volume is at 1.62 core with liquidation of 54 Lakh with decrease in cost of carry suggesting long position were closed today, NF Rollover cost @8468.
  • Total Future & Option trading volume at 5.14 Lakh core with total contract traded at 1.74 lakh , PCR @1
  • 9000  CE  is having Highest OI  at 54.1 lakh, resistance at 9000 followed by 8900 .8500-9000 CE liquidated 25 Lakh in OI so bears liquidated in 8800/9000 CE .FII bought 13.9 K CE longs and 502 CE were shorted by them .Retail sold 17.5 K CE contracts and 10.7 K CE were shorted by them.
  • 8800 PE OI@51.5 lakhs having the highest OI strong support at 8800 followed by 8700. 8500-9000 PE  added 3.7 Lakh in OI so bulls added in 8800/8900 PE. FII sold 3.2 K PE and 22.8 K PE were shorted by them  .Retail bought 43 K PE contracts and 13.5 K PE were shorted by them. Retailers keep buying PE and market keep going up.
  • FII’s sold 1435 cores in Equity and DII’s bought 1535  cores in cash segment.INR closed at 66.92

Buy above 8920  Tgt 8932,8955 and 8981 (Nifty Spot Levels)

Sell below 8890 Tgt 8875,8850 and 8835 (Nifty Spot Levels)

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