Nifty Technical Setup before RBI Feb Policy

  • FII’s sold 724 contract of Index Future worth 38 cores ,2 K Long contract were added by FII’s and 2.7 K short contracts were added by FII’s. Net Open Interest increased  by 4.7 K contract, so rise in market was used by FII’s to enter long and enter  long in  Index futures.Winning Trader’s Mindset
  • As discussed in last analysis   Nifty did 8814 and now heading towards the crucial zone of 8840. Close above 8840 opens the possibility of breaking the last swing high of 8969. Close above 8840 target of 8900/8969. Bearish only of close below 8650. Nifty failed to close above 8840 and saw a small dip, As we have RBI Policy tomorrow traders should watch 8681 if any sharp move on downside is seen, till 8681 is held current rally has more legs,Fresh long only above 8840. Bearish below 8752 for a move towards 8681/8650.   Bank Nifty Technical Setup before RBI Feb Policy

  • Nifty Feb Future Open Interest Volume is at 2.15 core with liquidation of 2.8 Lakh with increase in cost of carry suggesting short  position were added today, NF Rollover cost @8468.
  • Total Future & Option trading volume at 2.73 Lakh core with total contract traded at 0.85 lakh , PCR @1.01
  • 9000  CE  is having Highest OI  at 61.6 lakh, resistance at 9000 followed by 8900 .8500-9000 CE added 7.1 Lakh in OI so bears added in 8800/9000 CE .FII bought 1.5 K CE longs and 2.6 K CE were shorted by them .Retail bought 38.6 K CE contracts and 16.3 K CE were shorted them.
  • 8500 PE OI@57.2 lakhs having the highest OI strong support at 8500 followed by 8600. 8500-9000 PE added 0.60 Lakh in OI so bulls added in 8500/8600 PE. FII bought 14 K PE and 14.4 K PE were shorted by them  .Retail bought 6.2  K PE contracts and 9.1 K PE were shorted by them.
  • FII’s bought 201 cores in Equity and DII bought 1620 cores in cash segment.INR closed at 67.41

Buy above 8780  Tgt 8810,8835 and 8888 (Nifty Spot Levels)

Sell below 8750 Tgt 8730,8710 and 8681 (Nifty Spot Levels)

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