Will Nifty Bulls make new high on Weekly closing ?

  • FII’s sold 6.9 K contract of Index Future worth 543 cores ,5 K Long contract were liquidated  by FII’s and 1.8 K Short contracts were added by FII’s. Net Open Interest decreased  by 3.2 K contract, so rise in market was used by FII’s to exit long and enter  short in  Index futures. FII’s Long to Short Ratio at 3.2  Things that Damage Your Trading Account

 

  • As discussed in last analysis 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. High made today was 9700 and low made was 9640 so bulls almost did the 1 target of 9710 and also closed above the rising gann angle line,any close above 9720 can see fast move towards 9797. We have 3 high in range of 9709-9699 which can be termed as triple top if we do not close above 9710 for next 5 days,so time to be cautious. As can be seen from below chart break above 9720 we can move towards 9797 but failure to do so we can see fall towards 9400-9360 range. Bearish below 9610 for a move towards 9530/9470.   Bank Nifty moves from 1 Gann Angle to Another

  • Nifty July Future Open Interest Volume is at 2.02 core with liquidation of 0.52 Lakh with decrease in  cost of carry suggesting long position were closed today, NF Rollover cost @9559 Closed above it, Rollover at 69.7%
  • Total Future & Option trading volume at 8.91 Lakh core with total contract traded at 0.98 lakh , PCR @0.91
  • 9700  CE  is having Highest OI  at 37.2 lakh, resistance at 9700 followed by 9800 .9300-9800 CE liquidated 0.2 Lakh in OI so bears covered  position in 9600-9500 CE  FII bought 19.8 K CE longs and 526 shorted CE were covered by them.Retail sold 103 K CE contracts and 45.6 K  shorted  CE were covered by them.
  • 9500 PE OI@65.1 lakhs having the highest OI strong support at 9400 followed by 9500. 9300-9800 PE added 1.95 Lakh in OI so bulls added position in 9300-9400 PE . FII bought 1.4 K PE and 3.5 K PE were shorted by them. Retail sold 62.3 K PE contracts and 66.7 K shorted PE were covered by them.
  • FII’s sold 15 cores in Equity and DII’s bought 316 cores in cash segment.INR closed at 64.78

Buy above 9681 Tgt 9710,9732 and 9765 (Nifty Spot Levels)

Sell below 9665 Tgt 9643,9615 and 9590 (Nifty Spot Levels)

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