Will Nifty Bulls close above 9910 for rally to Continue ?

  • FII’s sold 20.6 K contract of Index Future worth 1683 cores ,7.7 K Long contract were liquidated by FII’s and 12.8 K  Short contracts were added by FII’s. Net Open Interest increased  by 5.1 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 1.16,For the August Series FII have net added shorts 118 K Contract till we do not close above 9910 all rallies will get sold into.  How to Maintain Control and Discipline in Your Trading 
  • As discussed in last analysis   Monday close is very crucial as its was at the gann angle resistance,same happened before the fall from 10000, so bulls need to close above 9800 for next move towards 9855/9910/9962. Bearish below 9770 for a move towards 9710/9650/9610. Low made was 9773 so bulls protected 9770 and as soon as 9800 was crossed rallied all the way till 9903, Now as we closed near the major gann angle so bulls need a close above 9910 for next round of up move towards 9962/10025/10090. Bearish below 9855 for a move towards 9800/9740.17 Aug is again a time cycle date so expect volatility in market  Bank Nifty bounces 593 points from Time Cycle low

  • Nifty August Future Open Interest Volume is at 2.35 core with addition of 7.6 Lakh with decrease in  cost of carry suggesting short position were added today, NF Rollover cost @10036  Closed below it and corrected 300 points.
  • Total Future & Option trading volume at 8.49 Lakh core with total contract traded at 1.4 lakh , PCR @0.82
  • 10000  CE  is having Highest OI  at 55 lakh, resistance at 9900 followed by 10000 .9800-10500 CE liquidated 20 Lakh in OI so bears covered major position  in range of 9800-10000 CE. FII bought 2 K CE longs and 3.8 K  CE were shorted by them.Retail sold 30 K CE contracts and 211 CE were shorted by them.
  • 9800 PE OI@52 lakhs having the highest OI strong support at 9800 followed by 9750. 9500-10000 PE added 19.9 Lakh in OI so bulls added position in 9500-9800 PE. FII bought 1.3 K PE and 3.1 K PE were shorted by them. Retail bought 98.5 K PE and 66 K PE were shorted by them
  • FII’s sold 1090 cores  and DII’s bought 1336 cores in cash segment.INR closed at 64.14

Buy above 9905  Tgt 9931,9955 and 9980 (Nifty Spot Levels)

Sell below 9855 Tgt 9830,9810 and 9780 (Nifty Spot Levels)

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