Nifty Technical Analysis before Railway Budget and Feb Expiry

• FII’s sold 34.2 K contract of Index Future worth 931 cores, 52.5 K Long contract were added by FII’s and 86.5 K  short contracts  were added  by FII’s. Net Open Interest increased  by 139 K contract ,so FII’s added  long  and added shorts in Index Futures with high volumes,signifying rollovers are happening. As of now 67.1% Rollover is done in Nifty Future.

• Nifty had another volatile session of trade today opening with gap up and closing the gap during the day, forming low of 8751,unable to close above the green line of gann box  and again closed below 21/34 EMA. Support lies in range of 8700-8680 and resistance in range of 8820-8840 range. Railway Budget tomorrow and also expiry so expect big volatile move, Last time Nifty was down 213 point on Railway Budget day so trade very cautiously.
  

• Nifty Future Feb Open Interest Volume is at 0.93 core with liquidation of 33  lakhs whole 33 lakh got rollovered in March series with addition of 10 lakhs, So 1.71 Cores NF got rollovered in range of 8902-8822.
  

• Total Future & Option trading volume was   at 4.27 core with total contract traded at 6 lakh. PCR @0.82.

• 9000  CE  OI at 62.9  lakh  so wall of resistance @ 9000 .8800 CE added 5.3 lakhs so bears  strength will be tested tomorrow as looking at addition expiry can be below 8800 if 5.3 lakh addition is not liquidated .FII bought 13.7 K CE and 29 K CE were shorted by them.
  

• 8700 PE OI@ 50 lakhs so strong base @ 8700. 8800/8900 PE  saw liquidation of 4.5 lakhs so bulls have started liquidating , 8700 PE OI needs to be watched if we start seeing liquidation after 2 PM we can see expiry below 8700 .  FII sold 13.7 K PE and 5.7 K PE were shorted  by them.
  

• FII’s bought 516 cores in Equity and DII bought 19  cores in cash segment.INR closed at 62.2.
  

• Nifty Futures Trend Deciding level is 8806(For Intraday Traders). NF Trend Changer Level (Positional Traders) 8798 and BNF Trend Deciding Level 18914  (For Intraday Traders) BNF Trend Changer Level (Positional Traders) 19040.How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .   

 

Buy above 8787 Tgt 8820,8840 and 8875 (Nifty Spot Levels)

Sell below 8750 Tgt 8730,8700 and 8642 (Nifty Spot Levels)

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