FII bought 13.7 K contract of Index Future worth 1228 cores, Net OI has decreased by 1.9 contract 5.9 K Long contract were added by FII and 7.8 K Shorts were covered by FII. Net FII Long Short ratio at 2.1 so FII used rise to enter longs and exit shorts.
As discussed in Last AnalysisHigh made was 17225 bulls failed to do target of 17242 but bears were able to close below 17161 on important time cycle date and gann resistance suggesting price time squaring, Till we are below 17161 bears can push towards 17029/16964/16899. Bulls will get active above 17185 for a move towards 17251/17317/17383. Nifty made double bottom and and failed the bearish case with close above 17161 Bulls were able to do 1 target on upside now waiting for the target of 17317/17383 as we have weekly close tommorow and Bulls are on Driving seat watch out ofr intraday reversal time on 2:39 to catch a good trade.We have NFP Data and Aphelion of Mercury on Monday suggesting we will get a big gap up or down on Monday so carry overnight position with caution. Bears have there chance below 17161 for a move towards 17114/17049.
Nifty Sep Future Open Interest Volume is at 1.48 Cores with addition of 5.7 Lakh with increase in cost of carry suggesting LONG position were added today.
There is total OI of 2.2 Cores on the Call side and 2.6 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 17100 and reasonable resistance at 17400.
If we look at the symmetry of move we saw the correction from 12430 to 7511 a fall of 4919 points if we add 4919 to 12430 we get the target of 17349 number to keep on charts based on symmetry.
FII bought 348 crore and DII bought 381 cores. Looks like FII’s are driving this rally they bought 5320 cr in 4 trading sessions and DII sold just 443 cores in this series.
For Positional Traders Stay long till we are holding Trend Change Level 16929 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 17191 will act as a Intraday Trend Change Level.