Nifty Elliot wave Analysis

• FII’s bought 773  contract of Index Future worth 32 cores, 6.1 K Long contract were squared off and 6.9 K short contracts  were squared off by FII’s. Net Open Interest decreased  by 13 K contract , so FII squared off both  long and shorts in Index futures.

• Nifty opened with gap up , touch the upper band of Hourly channel and fall down to touch the lower end of trading range, As discussed yesterday analysis  8050-8060 needs to be watched closely in coming 2 session, Nifty made low of 8057 and bounced back. On Upside move above 8135 can see Nifty moving back to 8160-8170 odd levels.As per EW analysis Nifty can form a short term bottom near 8045 and bounceback to 8150 odd levels.

 

• Nifty Future Sep Open Interest Volume is at 1.39 cores with liquidation of 5.6  lakh suggesting long liquidation.VIX being very low suggests bulls are still overconfident and every dip is getting bought into.
  

• Total Future & Option trading volume was   at 1.98  lakh core with total contract traded at 2 lakh. PCR @0.93.

• 8300  CE  OI at 59.5  lakh  suggesting wall of resistance , 8200 CE  added 5.6 lakh .8100 CE liquidated 3.4 lakh suggesting bears are covering positions at 8100 so we can see a bounceback. FII’s sold 1.5 K CE longs and 2 K CE  were shorted  by   them.
  

• 8000 PE OI@ 81.7 lakhs so strong base @ 8000. 7900 PE OI@60.2  so support building up @7900, 7800 PE added 1.4  lakh in OI. FII’s bought 20.2  K contract  PE longs and 3 K PE were shorted  by   them.

• FII’s bought 433 cores in Equity and DII sold 530 cores in cash segment.INR closed at 60.92.
  

• Nifty Futures Trend Deciding level is 8113 (For Intraday Traders). NF Trend Changer Level (Positional Traders) 8110 and BNF Trend Changer Level (Positional Traders) 16120.How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level . 
  

 

Buy above 8091 Tgt 8125,8160 and 8193 (Nifty Spot Levels)

Sell below 8070 Tgt 8052, 8020 and 8000 (Nifty Spot Levels)

 

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