Nifty Bulls hold to gann angle support,EOD Analysis

  • FII’s sold 19.9 K contract of Index Future worth 1337 cores , 12.7 K Long contract were liquidated by FII’s and 7.1 K short contracts were added by FII’s. Net Open Interest increased  by 5.5 K contract, so fall in market was used by FII’s to exit long and enter short in  Index futures. Key to mastery in Trading
  • As discussed in last analysis  Bulls need a fresh close above 8989 for a move towards 9083 which should be very fast. Bearish only on break of 8850.As per our time cycle we got the trending move. High made today was 8992 nifty was unable to sustain above 8989 which is gann angle resistance and gave the fall back to lower end of gann angle as shown in below chart, From 1 gann angle to another gann angel, we are technically trapped in the range between 2 gann angles, Buy Support Sell resistance will be the best strategy till we see breakdown below 8850 or breakout above 8989. Low made was 8860 so we are still stuck in range buy low and sell higher trade continue till we see breakout or breakdown Bank Nifty forms Bullish ABCD pattern,EOD Analysis

  • Nifty March Future Open Interest Volume is at 2.15 core with liquidation of 5.8 Lakh with increase in cost of carry suggesting short position were added today, NF Rollover cost @8925 closed below it.
  • Total Future & Option trading volume at 2.41 Lakh core with total contract traded at 1.1 lakh , PCR @0.82
  • 9000  CE  is having Highest OI  at 53.3 lakh, resistance at 9000 followed by 8900 .8500-9000 CE added 1.9 Lakh in OI so bears added in 8900/9000 CE .FII sold 958 CE longs and 971 CE were shorted by them .Retail bought 44 K CE contracts and 26.6 K CE were shorted by them.
  • 8800 PE OI@39.9 lakhs having the highest OI strong support at 8800 followed by 8700. 8500-9000 PE  added 4.9 Lakh in OI so bulls added in 8700/8800 PE. FII bought 11.5 K PE and 2.9 K PE were shorted by them  .Retail bought 13.8 K PE contracts and 25.8 K  PE were shorted by them.
  • FII’s bought 1529 cores in Equity and DII’s sold 737 cores in cash segment.INR closed at 66.80

Buy above 8920 Tgt 8948,8963 and 9000 (Nifty Spot Levels)

Sell below 8865 Tgt 8850,8830 and 8810 (Nifty Spot Levels)

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