Nifty Ready for Big Move

  • FII sold 8.4 K contract of Index Future worth 474 cores, Net OI has decreased by 6.5 K contract, 7.4 K Long contract were covered by FII and 979 shorts were added by FII. Net FII Long Short ratio at 0.68, So FII used rise to exit longs and enter shorts.
  •  As discussed in last analysis  Now bulls need to move above 9166 for a move back to 9300/9410/9497. Bears will get active below 9010 for a move towards 8900/8836/8710.8912 done below 9010 , Now as we have Mercury Ingress today  which generally lead to big move in Index so we should see big move in Next 2 days. Bulls need to move above 9132 for a move back to 9300/9410/9497. Bears will get active below 8900 for a move towards 8806/8700.

  • Total Future & Option trading volume at 8.2 Lakh core with total contract traded at 3 lakh , PCR @0.89
  • Nifty April Future Open Interest Volume is at 0.97 Lakh core with liquidation of 2.9 Lakh with increase in cost of carry suggesting short position were covered  today, NF Rollover cost @8093 closed above it.
  • 9500 CE is having Highest OI at 13 Lakh, resistance at 9300 followed by 9500.9000-9500 CE added 25 Lakh in OI so bears added position in range of 9300-9500.FII bought 7.3 K CE and 6 K CE were shorted by them. Retailers bought 106 K CE and 89 K CE were shorted by them.
  • 8800 PE OI@18 Lakhs having the highest OI strong support at 8800 followed by 8600. 8500-9000 PE added 15 Lakh in OI so bulls added position in range 8600 -8800 . FII bought 8.5 K PE and 5.4 K shorted PE were covered by them. Retailers bought 93 K PE and 85 K PE were shorted by them.
  • FII’s sold  1243  cores and DII’s sold 1096 cores in cash segment.INR closed at 76.39

Buy Above 9030 Tgt 9066,9131 and 9200 (Nifty Spot Levels)

Sell Below 8950 Tgt 8900,8860 and 8800 (Nifty Spot Levels)

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