Nifty Technical setup after Budget

  • FII’s bought 20.9  K contract of Index Future worth 1711 cores 20.5 K Long contract were added by FII’s and 393 Short contracts were covered  by FII’s. Net Open Interest increased  by 20.1 K contract, so rise  in Nifty was used by FII’s to enter long and exit short in  Index futures.FII’s Long to Short Ratio at 0.82.Historical Nifty Movement on Budget Day
  • As Discussed in Last Analysis   Now as tomorrow being a Budget day and lot of volatility will be seen in market so trade with extreme caution, Bulls will get active above 10843 for a move towards 10885/10931/10985/11040. Bears will get active below 10777 for a move back to 10730/10666/10610/10555. Bulls were able to reach 3 target of 10985 Major Trend for next 1 month will be decided with break of 10985 on upside and break of 10813 on downside, Will Share my analysis on my Youtube Video in weekend . Bulls need to close above 10910 for a move towards 10985/11035/11100. Bears will get active below 10810 for a move towards 10730/10666/10610.

  • Nifty Feb Future Open Interest Volume is at 1.79 core with addition of 7.4  Lakh with  increase in  cost of carry suggesting long position were added today, NF Rollover cost @10727 closed above it
  • 11000 CE  is having Highest OI  at 37.4  Lakh, resistance at 11000 followed by 11000 .10400-11000 CE added 1.6 lakh in OI so bears  added position in range of 10900-11000. FII bought 16.8 K CE and 13.4 K CE were shorted by them. Retail bought 185 K CE and 130 K CE were shorted by them.
  • 10700 PE OI@ 29.6 Lakhs having the highest OI strong support at 10700 followed by 10600 . 10500-11000 PE added 25.4 Lakh in OI so bulls added position in range 10700-10600 PE. FII bought 10.7 K PE and 11 K PE were shorted by them. Retail bought 85.7 K PE and 58.3 K PE were shorted by them.
  • Total Future & Option trading volume at 9.14  Lakh core with total contract traded at 2.50  lakh , PCR @0.89

Buy above 10910 Tgt 10931,10960 and 10985 (Nifty Spot Levels)

Sell below 10877 Tgt 10855,10826 and 10800 (Nifty Spot Levels)

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