Nifty near trendline support, Will it hold tommrow ?

FII’s sold 7.9 K contract of Index Future worth 315 cores, 17.5 K Long contract were added and 25.4 K short contracts were added by FII’s. Net Open Interest increased by 42.9 K contract , so FII added longs in Index futures also shorts were added almost in 1:1.5 ratio.

This is what we discussed yesterday Bounce seen today was because of Rollover pressure, Nifty again got resisted near the Price Channel as shown in below chart also formed a double top in daily chart, which need confirmation in next 2 days with price not going above 8160 and breaking 8064.Break below 8064 can see a quick down move towards 8015. Gann Turn date today so be cautious in trading expect volatile moves today. Move was totally scripted as we discussed now we are nearing trendline support, we can see intraday break of trendline till 7963/7930 but might close above this. EWchart is shown below with bearish possiblity, break of 7900 will confirm the count.

Nifty Future Sep Open Interest Volume is at 1 cores with liquidation of 9.7 lakh which completely got rollovered to October series.

Total Future & Option trading volume was at 4 lakh core with total contract traded at 3 lakh. PCR @1.02.With todays fall the PCR has not reduced showing confidence of Bulls in holding 8000 levels, Will market oblige ?

8200 CE OI at 82.5 lakh suggesting wall of resistance , 8100 CE added 16.4 lakh suggesting expiry should be around 8100, 8000 CE also added 4.8 lakh so 8000 can break tommrow on intraday basis. FII’s bought 10.9 K CE longs and 9.5 K CE were shorted by them.

8000 PE OI@ 67.3 lakhs so base @ 8000 is getting jittery . 8100 PE OI@28 lakh so 8100 will not be crossed till expiry now looking at liquidation of 32 lakhs, FII’s bought 43.9 K contract PE longs and 9 K PE contract were shorted by them.

FII’s sold 1186 cores in Equity and DII bought 325 cores in cash segment.INR closed at 60.94.

Nifty Futures Trend Deciding level is 8093 (For Intraday Traders). NF Trend Changer Level (Positional Traders) 8095 and BNF Trend Changer Level (Positional Traders) 16120.How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .

Buy above 8037 Tgt 8055,8074 and 8100 (Nifty Spot Levels)

Sell below 8000 Tgt 7965, 7930 and 7910 (Nifty Spot Levels)

Click Here to Like Facebook Page get Real time updates

14 thoughts on “Nifty near trendline support, Will it hold tommrow ?”

Bala September 24, 2014 9:59 pm

Hi Ramesh Can you share your course details,fee,duration and where is the location.

Reply ↓

Vijay September 24, 2014 2:43 pm

Great Nifty View Today on 24th …. Barmesh Just saw Nifty bouncing up from 7950 What a perfect Count. Sir Will this bounce will stop @ 38% or 50% … (Wave-4)

Reply ↓

vineet2 September 24, 2014 9:33 am

Thanks everyone for replying.

Reply ↓

Sony September 24, 2014 2:22 am

Bramesh:

Would you mind explaining a little more about the Nifty Hourly Chart ?
How did we come up with 110 bars for 3rd wave , 68 for 4th wave etc ?
http://www.brameshtechanalysis.com/wp-content/uploads/2014/09/Nifty-Hourly-EW7.png

Reply ↓

Bramesh Post authorSeptember 24, 2014 5:57 am

Sony, its based on time analysis we are fine tuning it.

Reply ↓

akhil September 23, 2014 9:45 pm

Sir, How have you calculated longs and shorts “FII’s sold 7.9 K contract of Index Future worth 315 cores, 17.5 K Long contract were added and 25.4 K short contracts were added by FII’s. Net Open Interest increased by 42.9 K contract “

Reply ↓

Bramesh Post authorSeptember 24, 2014 6:04 am

Covered in my trading course

Reply ↓

Vineet September 23, 2014 9:19 pm

Dear Sir,

Hope you r fine.

Thanks for ur daily analysis. It is really helpful for amateurs like me to understand the complex markets.

I had a doubt regarding options selling.
E.g If I have sold one lot of 8100 Put @ 100.
Now when it reaches say 120 , can I buy it back before months expiry ?
If i can what will be my profit ?

Thanks in advance,
Vineet

Reply ↓

Amiya September 24, 2014 1:03 am

Yes, you can buy, your profit will be premium received – 1000 (20*50)

Reply ↓
Umesh September 24, 2014 2:12 am

You will not be in profit but a loss of 1000 plus brokerage and other expanses per lot

120-100 = 20 x 50 = 1000

Reply ↓
Bramesh Post authorSeptember 24, 2014 6:06 am

Dear Vineet,

In the above case you are in loss of 50*(100-120)= 1000.

You can buy anytime and do close trade before expiry else there is heave penalty levied by NSE.

Hope it helps !!

Reply ↓
1. vineet2 September 24, 2014 9:38 am
  
  Sir,
  
  By mistake , I framed the question wrongly….
  Its like :
  
  I sell a lot of 8100 put @ 100 and it reaches 40.
  Can I buy it back anytime before expiry ?
  What is my profit now ?
  
  Profit = 50 * 60 =3000/- ?
  
  Rgds,
  Vineet
  
  Reply ↓
  1. Umesh September 24, 2014 10:44 pm
    
    Thats right
    
    In this case you will get a profit of 3000 per lot.
    
    And you can buy back any time, after the (very next) moment you made a sell, till before expiry.
    
    Reply ↓
    1. vineet2 September 24, 2014 10:52 pm
      
      Thanks Umesh

Bala September 24, 2014 9:59 pm

Hi Ramesh Can you share your course details,fee,duration and where is the location.

Reply ↓
Vijay September 24, 2014 2:43 pm

Great Nifty View Today on 24th …. Barmesh Just saw Nifty bouncing up from 7950 What a perfect Count. Sir Will this bounce will stop @ 38% or 50% … (Wave-4)

Reply ↓
vineet2 September 24, 2014 9:33 am

Thanks everyone for replying.

Reply ↓
Sony September 24, 2014 2:22 am

Bramesh:

Would you mind explaining a little more about the Nifty Hourly Chart ?
How did we come up with 110 bars for 3rd wave , 68 for 4th wave etc ?
http://www.brameshtechanalysis.com/wp-content/uploads/2014/09/Nifty-Hourly-EW7.png

Reply ↓
1. Bramesh Post authorSeptember 24, 2014 5:57 am
  
  Sony, its based on time analysis we are fine tuning it.
  
  Reply ↓
akhil September 23, 2014 9:45 pm

Sir, How have you calculated longs and shorts “FII’s sold 7.9 K contract of Index Future worth 315 cores, 17.5 K Long contract were added and 25.4 K short contracts were added by FII’s. Net Open Interest increased by 42.9 K contract “

Reply ↓
1. Bramesh Post authorSeptember 24, 2014 6:04 am
  
  Covered in my trading course
  
  Reply ↓
Vineet September 23, 2014 9:19 pm

Dear Sir,

Hope you r fine.

Thanks for ur daily analysis. It is really helpful for amateurs like me to understand the complex markets.

I had a doubt regarding options selling.
E.g If I have sold one lot of 8100 Put @ 100.
Now when it reaches say 120 , can I buy it back before months expiry ?
If i can what will be my profit ?

Thanks in advance,
Vineet

Reply ↓
1. Amiya September 24, 2014 1:03 am
  
  Yes, you can buy, your profit will be premium received – 1000 (20*50)
  
  Reply ↓
2. Umesh September 24, 2014 2:12 am
  
  You will not be in profit but a loss of 1000 plus brokerage and other expanses per lot
  
  120-100 = 20 x 50 = 1000
  
  Reply ↓
3. Bramesh Post authorSeptember 24, 2014 6:06 am
  
  Dear Vineet,
  
  In the above case you are in loss of 50*(100-120)= 1000.
  
  You can buy anytime and do close trade before expiry else there is heave penalty levied by NSE.
  
  Hope it helps !!
  
  Reply ↓
  1. vineet2 September 24, 2014 9:38 am
    
    Sir,
    
    By mistake , I framed the question wrongly….
    Its like :
    
    I sell a lot of 8100 put @ 100 and it reaches 40.
    Can I buy it back anytime before expiry ?
    What is my profit now ?
    
    Profit = 50 * 60 =3000/- ?
    
    Rgds,
    Vineet
    
    Reply ↓
    1. Umesh September 24, 2014 10:44 pm
      
      Thats right
      
      In this case you will get a profit of 3000 per lot.
      
      And you can buy back any time, after the (very next) moment you made a sell, till before expiry.
      
      Reply ↓
      1. vineet2 September 24, 2014 10:52 pm
        
        Thanks Umesh