Nifty Analysis for Budget Day

  • FII sold 25.9  K contract of Index Future worth 2282 cores, Net OI has increased by 30 K contract, 2.2 K Long contract were added by FII and 28.1 K  short were added by FII. Net FII Long Short ratio at 0.18, So FII used fall to enter longs and enter shorts.
  • As discussed in last analysis Bears below 12105 can push towards 11995/11941. Bulls have chance above 12170 for a move back to 12216/12280.Today was an Important Gann Date break of high and low of today can easily give 100-150  points. Nifty traded as per plan High was 12103 and we did low of 11945 near our target of 11941 which will be achieved in gap down today. Gann Analysis again helped us in finding swing top and able to capture the move. As we have budget today lot of volatile move will be seen. 11760 should be watched very in case of any big decline. Bears will get active below 11881 for a move towards 11760/11666. Bulls have there chance above 12025 for a move back to 12080/12150/12216.

  • Total Future & Option trading volume at 7.01 Lakh core with total contract traded at 1.89 lakh , PCR @0.83
  • Nifty Feb Future Open Interest Volume is at 1.14 Lakh core with addition of 12.6 Lakh with decrease in cost of carry suggesting short position were added today, NF Rollover cost @12149 closed below it.
  • 12300 CE is having Highest OI at 21.5 Lakh, resistance at 12200 followed by 12300 .12200-12400 CE added 52 Lakh in OI so bears added position in range of 12200-12300.FII bought 21.1 K CE and 15.2 K CE were shorted by them. Retailers bought 223 K CE and 169 K CE were shorted by them.
  • 11800 PE OI@10.8 Lakhs having the highest OI strong support at 11800 followed by 11700. 11700-12200 PE added 21 Lakh in OI so bulls added position in range 11800-12000.FII bought 24.4 K PE and 13.6 K PE were shorted by them. Retailers bought 107 K PE and 107 K PE were shorted by them.
  • FII’s sold 4179 cores and DII’s bought 3816 cores in cash segment.INR closed at 71.56

Buy Above 11990 Tgt 12025,12061 and 12150 (Nifty Spot Levels)

Sell Below 11920 Tgt 11881,11840 and 11760 (Nifty Spot Levels)

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