Ideas and Forecasts on NIFTY

  • FII bought 8.1 K contract of Index Future worth 704 cores, Net OI has increased by  4 K contract, 6.4 K Long contract were added by FII and 1.7 K Shorts were covered by FII. Net FII Long Short ratio at 1.26, So FII used rise to enter longs and exit shorts.
  •  As discussed in last analysis Nifty has crossed above gann angle and closed above it for 2 day suggesting we can rally towards 10890-10900 possible till we are holding 10540 levels and close above 10618. Bulls need a close above 10618 for a move back to 10666/10733/10800/10890. Bears will get active below 10525 for a move back to 10476/10425/10374.Rally of Disbelief continue and we did 10811 today,Gann Angles breakout gave us an indication of the rise coming, now waiting for our target of 10890-10900. Today was an important Astro date so today high and low will decide the next 100-150 points move in nifty. Bulls now need to move above 10816 for a move back to 10890/10850. Bears will get active below 10690 for a move back to 10640/10570.

  • Total Future & Option trading volume at 10.30 Lakh core with total contract traded at 1.72 lakh , PCR @0.88
  • Nifty July Future Open Interest Volume is at 1.12 Cores with addition of 2.9 Lakh with increase in cost of carry suggesting long position were added today, NF Rollover cost @10325 closed above it.
  • 10900 CE is having Highest OI at 19.1 Lakh, resistance at 10900 followed by 11000.10200-10700 CE added 36 Lakh in OI so bears added in range of 10600-10800.FII bought 32 K CE and 16.9 K CE were shorted by them. Retailers bought 29.4 K CE and 38.7 K  CE were shorted by them.
  • 10400 PE OI@40 Lakhs having the highest OI strong support at 10400 followed by 10300. 10200-10400 PE added 48  Lakh in OI so bulls added position in range 10300-10400.FII bought 19.2 K PE and 25.5 K PE were shorted by them. Retailers bought 150 K PE and 105 K PE were shorted by them.
  • FII’s Bought 348 cores and DII’s bought 263 cores in cash segment.INR closed at 74.76

Buy Above 10798 Tgt 10816,10843 and 10874 (Nifty Spot Levels)

Sell Below 10729 Tgt 10699,10666 and 10610 in a ne (Nifty Spot Levels)

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