FII bought 6.4 K contract of Index Future worth 557 cores, Net OI has increased by 5 K contract 5.7 K Long contract were added by FII and 730 Shorts were covered by FII. Net FII Long Short ratio at 2 so FII used rise to enter longs and exit shorts.
As discussed in Last AnalysisWe have Mercury Declination coming on 29 Aug, any Astro Event realted to mercury gives a big move in market, We will open gap up and will do our 16800 tgt on Monday. Watch for first 15 mins high and low it will decide the trend for the whole week. Bulls will get active above 16824 for a move towards 16888/16954/17019. Bears will get active below 16694 for a move back to 16630/16565.All Bullish targets done and we saw the combo effect of gann and astro dates of Mercury and Rahu as discussed in below video and now nifty bulls need to hold 16900-16880 range for rally to continue towards 17000/17054/17111. Bears have there chance below 16858 for a move back to 16800/16756/16692
Nifty Rollover cost @16623 closed above it. From 24th August till 27th August September Series NIfty Futures has added approximately 87 Lakh OI. And in that time span,Nifty has traded with a low of 16533 and high of 16745 . We should see voilent move once this range is crossed during September series. Low made 16745 and we saw a 200 point upmove with just a simple analysis
Nifty Sep Future Open Interest Volume is at 1.38 Cores with addition of 4.5 Lakh with increase in cost of carry suggesting LONG position were added today.
There is total OI of 3.5 Cores on the Call side and 5.57 Cores on the Put side. So, the activity is more on the PUT side, indicating Option Writers are having Bullish Bias.
The Option Table data indicates decent support at 16800 and reasonable resistance at 17000. 16800 CE OI at 45.2 Lakh and 17000 PE OI is at 46.2 which strike price reach 60 Lakh will not be crossed in this expiry.
Retailers have bought 212 K CE contracts and Sold 216 K CE contracts on Put Side they bought 675 K PE contracts and Sold 552 K PE contracts suggesting having bearish outlook,On Flip Side FII Bought 47.4 K CE contracts and 33.8 K CE contracts were sold by them, On Put side FII’s bought 85.3 K PE and sold 77 K PE suggesting they have a BULLISH Bias.
FII bought 1202 crore and DII bought 688 cores,finally FII’s have turned buyer after many days.
For Positional Traders Stay long till we are holding Trend Change Level 16735 and stay short below it. That will help you stay on the side of Institutions and which has a greater risk-reward ratio. For Intraday Traders 16881 will act as a Intraday Trend Change Level.