Nifty Analysis for 31 March

  • FII sold 13 K contract of Index Future worth 967 cores, Net OI has increased by 18.2 K contract, 2.5 K Long contract were added by FII and 16 K shorts were added by FII. Net FII Long Short ratio at 0.37, So FII used fall to enter longs and enter shorts.
  •  As discussed in last analysis Now till we do not break Friday High Nifty bears have upperhand, Bulls now need to move above 8836 for a move back to 8931/9025/9100. Bears will get active below 8520 for a move back to 8464/8400/8320.Nifty opened with gap down but once below 8520 did 3 target on downside and we saw the effect of Mercury Aphelion with 4% decline in Nifty in single session. We have closed near a crucial price levels and we can see rise in nifty till we are holding 8230 levels. Bulls now need to move above 8370 for a move back to 8420/8490/8555. Bears will get active below 8230 for a move back to 8160/8100/8035/7900.

  • Total Future & Option trading volume at 4.61 Lakh core with total contract traded at 2.7 lakh , PCR @0.72
  • Nifty April Future Open Interest Volume is at 1.02 Lakh core with addition of 63 Lakh with increase in cost of carry suggesting short position were closed today, NF Rollover cost @8093 closed above it.
  • 8900 CE is having Highest OI at 36  Lakh, resistance at 8800 followed by 9000 .8400-9100 CE added 35 Lakh in OI so bears added position in range of 8700-9000.FII bought 5.1 K CE and 2.3 K CE were shorted by them. Retailers bought 34 K CE and 35 K  CE were shorted by them.
  • 8000 PE OI@25 Lakhs having the highest OI strong support at 8000 followed by 7700. 7400-8000 PE added 22 Lakh in OI so bulls added position in range 7700 -8000 .FII bought 9.9 K PE and 10.7 K PE were shorted by them. Retailers bought 75 K PE and 60.9 K PE were shorted by them.
  • FII’s sold 4363 cores and DII’s bought 3550 cores in cash segment.INR closed at 75.97

Buy Above 8325 Tgt 8367,8410 and 8470 (Nifty Spot Levels)

Sell Below 8244 Tgt 8200 ,8158 and 8100 (Nifty Spot Levels)

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