Nifty Analysis as Mercury Turns Direct

  • FII sold 1.6 K contract of Index Future worth 162 cores, Net OI has increased by 280 contract, 699  Long contract were liquidated by FII and 979 short were added by FII. Net FII Long Short ratio at 0.58, So FII used rise to exit longs and enter shorts.
  • As discussed in last analysis   We have formed a Bearish ABCD Pattern with PRZ zone around 12051, so any long should keep SL of 11966 and book out around 12051. As Mercury Turns Direct today so we should see good move in Nifty in next 2 days,Fresh Long should be taken above 12002 for a move back to 12051/12104. Bears will get active below 11950 for a move back to 11885/11821.

  • Total Future & Option trading volume at 23 Lakh core with total contract traded at 0.89  lakh , PCR @0.80
  • Nifty Nov Future Open Interest Volume is at 1.44 Lakh core with liquidation of 4.7 Lakh with decrease in cost of carry suggesting long  position were closed today, NF Rollover cost @11814 closed above it.

 

  • 12000 CE is having Highest OI at 37.9 Lakh, resistance at 12000 followed by 12100 .11500-12000 CE added 17 Lakh in OI so bears added position in range of 12000-12200.
  • 11900 PE OI@28.7 Lakhs having the highest OI strong support at 11900 followed by 11800 . 11500-12000 PE added 26 Lakh in OI so bulls added position in range 11900-11850.
  • FII’s bought 5023 cores and DII’s sold 247 cores in cash segment.INR closed at 71.84

Buy Above 11985 Tgt 12012,12038 and 12068 (Nifty Spot Levels)

Sell Below 11956 Tgt 11940,11920 and 11900 (Nifty Spot Levels)

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