Nifty continue to do Squaring of Space, Impulsive move coming

  • FII’s bought 2.3 K contract of Index Future worth 164 cores ,1.1 K Long contract were added by FII’s and 1.1 K Short contracts were liquidated by FII’s. Net Open Interest increased  by 17 contract, so rise in market was used by FII’s to enter  long and exit short in  Index futures. FII’s Long to Short Ratio at 3.37  Things that Damage Your Trading Account

 

  • As discussed in last analysis  Nifty Bulls again failed to close above 9624 but also protected 9680, As per current technical structure nifty is doing squaring of space and when it happens we see impulsive move in next 1-2 days ,Bulls will get active above 9624 for a move towards 9710/9790. Bearish below 9580 for a move towards 9525/9480. Nifty closed above 9624 but as the gann angle keep increasing 2 steps a day still was unable to close above it. We should see a trending move in next 2 trading sessions looking at the squaring of space happening currently on the charts. Bullish above 9645 for a move towards 9710/9790. Bearish below 9580 for a move towards 9520/9480 Bank Nifty Bulls rallies holding Gann Angle

  • Nifty July Future Open Interest Volume is at 2.03 core with addition of 1.6 Lakh with increase in  cost of carry suggesting long position were added today, NF Rollover cost @9559 Closed above it, Rollover at 69.7%
  • Total Future & Option trading volume at 4.70 Lakh core with total contract traded at 0.64 lakh , PCR @0.97
  • 9700  CE  is having Highest OI  at 37.5 lakh, resistance at 9700 followed by 9800 .9300-9800 CE liquidated 2.2 Lakh in OI so bears covered  position in 9600-9800 CE  FII bought 2.2 K CE longs and 1.5 K shorted CE were covered by them.Retail sold 8.6 K CE contracts and 7.1 K  CE were shorted  by them.
  • 9500 PE OI@61.6 lakhs having the highest OI strong support at 9400 followed by 9500. 9300-9800 PE added 21.5 Lakh in OI so bulls added position in 9300-9400 PE . FII bought 6.4 K PE and 4.1 K PE were shorted by them. Retail bought 77.7 K PE contracts and 52.5 K PE were shorted by them.
  • FII’s bought 227 cores in Equity and DII’s bought 75 cores in cash segment.INR closed at 64.78

Buy above 9645 Tgt 9674,9692 and 9720 (Nifty Spot Levels)

Sell below 9611 Tgt 9590,9565 and 9540 (Nifty Spot Levels)

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