Nifty @ new high, FII FnO Analysis

• FII’s sold 2168  contract of Index Future worth 81 cores, 5.5 K Long contract were squared off and 3.4 K short contracts were squared off by FII’s. Net Open Interest reduced   by 8.9  K contract.FII’s are using highs to exit long and shorts.

• Nifty has been rising from past 8 trading session hit a fresh high yesterday session@7835. Double top theory has failed, Market is displaying exuberance and in such conditions its always good to stay on sidelines. Reversal as and when it comes will be very sharp and furious. Bulls should watch out for break of 7752 where this current rally can be over, Bears should watch of 7850-7870 band which is an important zone of resistance. Nifty is rising in perfect 45 degree slope which is very dangerous looking at past data. Mid and Small caps continued there underperformance. For NF 7811-7823 band is very important as 23.11 lakh volume has  taken place, so break of 7811 will be an initial indication of some pullback.

• Nifty Future July Open Interest Volume is at 1.64  cores with liquidation of 3.7  lakh suggesting long liquidation in Index.
  

• Total Future & Option trading volume was   at 2.37  lakh core with total contract traded at 2 lakh. PCR @1.01.

• 8000 CE  OI at 80.3 lakh  suggesting wall of resistance , 7900 CE saw 2.6 lakh addition suggesting Bears are building wall of resistance @ 7900 ,FII’s bought 13.2 K CE longs and 1.7  K  shorted  CE were by covered  them.
  

• 7700 PE saw a huge addition of 2.2 lakh in OI suggesting overconfidence in bulls to hold 7700 , 7800 PE also added 17 lakhs , PE writing is becoming an overdone trade and hence be prepared for a shocker soon .FII’s sold 8.9 K PE longs and  12.3 K  PE were shorted by them.

• FIIs bought 282 cores in Equity and DII sold 290 cores in cash segment.INR closed at 60.1.
  

• Nifty Futures Trend Deciding level is 7803 (For Intraday Traders). NF Trend Changer Level (Positional Traders) 7655  and BNF Trend Changer Level (Positional Traders) 15262  .How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level . 
  

 

Buy above 7836 Tgt 7853,7876 and 7908 (Nifty Spot Levels)

Sell below 7810 Tgt 7790, 7771 and 7748 (Nifty Spot Levels)

 

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