Nifty Technical Analysis for 24 Jul

  • FII bought 2.2K contract of Index Future worth 220 cores, Net OI has increased by 10.6 K contract, 6.4 K Long contract were added by FII and 4.2 K  Shorts were added by FII. Net FII Long Short ratio at 1.35, So FII used fall to enter longs and enter shorts.
  •  As discussed in last analysis  Now Bulls need to move above 11163 for a move back to 11215/11268/11321.Bears will get active below 11079 for a move back to 11027/10974/10922.Today Mercury goes in Elogation suggesting another big move is coming in Nifty in next 2 days. Nifty formed a Inside Bar Pattern, did 1 target on upside,Waiting for 22 Jul High and low to be broken being a Mercury Elogation day for 150-200 points move in Nifty. Bulls need to move above  11240 for a move back to 11290/11322/11370. Bears will get active below 11170 for a move back to 11081/11030.

  • Total Future & Option trading volume at  34.71 Lakh core with total contract traded at 1.32 lakh , PCR @0.84
  • Nifty July Future Open Interest Volume is at 1.02  Cores with liquidation of 0.69 Lakh with decrease in cost of carry suggesting long position were closed today, NF Rollover cost @10325 closed above it.
  • 11400 CE is having Highest OI at 24 Lakh, resistance at 11300 followed by 11400.11000-11300 CE added 13 Lakh in OI so bears added in range of 11200-11300.
  • 11100 PE OI@30 Lakhs having the highest OI strong support at 11100 followed by 11000. 10800-11000 PE added 34  Lakh in OI so bulls added position in range 10900-11000.
  • FII’s bought 1740 cores and DII’s sold 931 cores in cash segment.INR closed at 74.65

Buy Above 11240Tgt 11269,11290 and 11322 (Nifty Spot Levels)

Sell Below 11171 Tgt 11150,11132 and 11100 (Nifty Spot Levels)

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