FII bought 6.2 K contract of Index Future worth 571 cores, Net OI has increased by 14.9 K contract 785 Long contract were covered by FII and 23.8 K Shorts were added by FII. Net FII Long Short ratio at 1.14 so FII used fall to exit longs and enter shorts.
As discussed in Last AnalysisWe had Mercury Retrograde yesterday as discussed in below video . Break of 17956 on Upside will lead to 150-200 points move and Bears need to break 17800 for a move of 150-200 on downside. Now Bulls need to cross 17956 for a move towards 18007/18072/18118. 18118 is important level to be watched out for as Gann Cycle which started from 17584 will complete at 18118 . Bears will have chance below 17850 for a move towards 17790/17729/17650. As soon as 17850 was broken mercury Retrograde low bears had upper hand and pushed the index to all target on downside. We were able to capture the reversal also as discussed on twitter as soon as 17636 was broken 2 target on upside were done. Tommrow is important reversal date as per vedic astrology so watch out for first 15 mins high and low to ride the trend. Bulls need to move above 17775 for a move towards 17842/17909/17976. Bears will have chance below 17646 for a move towards17579/17513/17447.
MAX Pain is at 17700 PCR at 0.92 ,PCR below 0.9 and above 1.3 lead to trending moves, and in between leads to range bound markets.
Nifty Sep Future Open Interest Volume is at 0.96 Cores with liquidation of 19.5 Lakh with decrease in cost of carry suggesting LONG positions were closed today.
There is total OI of 8.13 Cores on the Call side and 6.24 Cores on the Put side. More OI on CALL side suggesting Bearish sentiment in market players. FII bought 9k Cores of options in the today – The volume is generally on the higher side negating the possibility of sideways movement we can see explosive move tommrow.
The Option Table data indicates decent support at 17400 and reasonable resistance at 17700.
Retailers have bought 399 K CE contracts and 349 K CE contracts were shorted by them on Put Side Retailers sold 145 K PE contracts and 34.3 K shorted PE contracts were covered by them suggesting having BULLISH outlook,On Flip Side FII bought 64.1 K CE contracts and 35.8 K CE were shorted by them, On Put side FII’s bought 100 K PE and 31.7 K PE were shorted by them suggesting they have a turned to Bearish Bias.
FII sold 1957 crore and DII bought 161 cores. USD Closed at 74.31
For Positional Traders Stay long till we are holding Trend Change Level 17370 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 17728 will act as a Intraday Trend Change Level.