Nifty Technical Analysis and Insights

By | August 29, 2021 7:00 am

  • FII bought 4.8 K contract of Index Future worth 415 cores, Net OI has increased by 5.3 K contract 5.1 K Long contract were added by FII and 243 Shorts were added by FII. Net FII Long Short ratio at 1.93 so FII used rise to enter longs and enter shorts.
  • As discussed in  Last Analysis  Nifty did  1 target on upside,Price has been struggling at gann angle as shown in below chart, with time cycle coming we could see potential big move as price time meets. Bulls need move above 16650 for a move towards 16729/16800. Bears will get active below 16583 for a move back to 16519/16454. We 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.

  • 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. 
  • Nifty Sep Future Open Interest Volume is at 1.34 Cores with addition of 10.2 Lakh with ibcrease in cost of carry suggesting LONG position were added today.
  • There is total OI of 3.04 Cores on the Call side and 3.64 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 16600 and reasonable resistance at 17000.
  • Retailers have bought 245 K CE contracts  and Sold 292 K CE contracts on Put Side they bought 481 K PE contracts and Sold 475 K PE contracts   suggesting having bearish outlook,On Flip Side FII Bought 38.2 K CE contracts and 40 K CE contracts were sold by them, On Put side FII’s bought 54.5 K PE and sold 50.3 K PE suggesting they have a NEUTRAL Bias.
  • FII sold 778 crore and DII bought 1646 cores. FII have sold 41 K cr in equity in last 3 months.
  • For Positional Traders Stay long till we are holding Trend Change Level 16663 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 16669 will act as a Intraday Trend Change Level. 

Buy Above 16824 Tgt 16850, 16888 and 16921 (Nifty Spot Levels)

Sell Below 16694 Tgt 16666, 16630 and 16600 (Nifty Spot Levels)

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