FII sold 3.6 K contract of Index Future worth 330 cores, Net OI has increased by 470 contract 1.5 K Long contract were covered by FII and 2 K Shorts were added by FII. Net FII Long Short ratio at 1.96 so FII used rise to exit longs and exit shorts.
As discussed in Last AnalysisAll 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. Low made was 16915 so bulls managed to hold 16900 and did all target on upside. 17161 is important level which bulls need to cross for upmove towards 17242/17308/17375/17440. Bears will have chance below 17034 for a quick move towards 16957/16892/16827.We are back to gann angle resistance and important gann date suggesting price time squaring and we can see reversal if 17161 is not crossed.
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 400 point upmove with just a simple analysis
Nifty Sep Future Open Interest Volume is at 1.43 Cores with addition of 4.9 Lakh with decrease in cost of carry suggesting SHORT position were added today.
There is total OI of 3.84 Cores on the Call side and 6.5 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 17000 and reasonable resistance at 17200.
Retailers have bought 157 K CE contracts and Sold 138 K CE contracts on Put Side they bought 229 K PE contracts and Sold 194 K PE contracts suggesting having bearish outlook,On Flip Side FII Bought 70 K CE contracts and 57.7 K CE contracts were sold by them, On Put side FII’s bought 58.9 K PE and sold 52.8 K PE suggesting they have a BULLISH Bias.
FII bought 3881 crore and DII sold 1872 cores.Equity buying is delayed cycle to the FnO cycle. First FII take long positions in FnO – Then they will start buying equities to induce a rally – and then they will start liquidating the FnO longs. Today we have highest equity buying and heavy cash market volumes so high of many index stocks will be crucial for September month.
For Positional Traders Stay long till we are holding Trend Change Level 16810 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 17034 will act as a Intraday Trend Change Level.