Nifty complete ABC pattern, How to trade next move

• FII’s sold 40.9 K contract of Index Future worth 946 cores,41.7 K Long contract were squared off  by  FII’s and 853  short contracts  were squared off by FII’s. Net Open Interest decreased  by 23.7K contract so today’s fall was used by FII’s to square off longs in Index Future .Sensex Crashes 700 Points:Reason for sharp fall

• Nifty has meet its ABC pattern target of 7994 made low of 7997 and saw a bounce back in last 30 mins of trading. Nifty also held on to its Median line of AF as shown in below chart. Also last 3 correction were marked by DOJI pattern which was formed today. Tomorrow if market opens gap up will signal formation of Morning Star Candlestick pattern , but all this move requires a follow up move tomorrow and price closing above 8124. 7916-7950 is another strong zone of support. Till we do not see follow up action technical structure is weak. 

 

 

• Nifty May Future Open Interest Volume is at 1.52  core with liquidation of 12.2 lakhs with  cost of carry going negative  suggesting  long position got closed.

• Total Future & Option trading volume was   at 2.48 core with total contract traded at 6.6  lakh. PCR @0.82 still has not got in oversold zone.

• 8500  CE  OI at 42.2 lakh , wall of resistance @ 8500 .8100/8400 CE saw addition of 5.6  lakhs ,so  bears  added 87 lakh in 4  trading session suggesting market is under firm bear grip. FII sold 23.7 K  CE longs and 49.3 K CE  were shorted by them.Retailers have bought 0.88 lakh CE contracts suggesting bottom is still not in place.
  

• 8000 PE OI@ 43.8 lakhs so strong base @ 8000.  8200/8400 PE liquidated 4.1  lakh so bulls are down and out for time being.  FII bought 117  K PE longs and 9.2 K PE  were shorted  by them.
  

• FII’s sold 1360  cores  in Equity and DII’s bought 1158  cores in cash segment.INR closed at 64.24.
  

• Nifty Futures Trend Deciding level is 8082  (For Intraday Traders). NF Trend Changer Level (Positional Traders) 8237  and BNF Trend Deciding Level 17554   (For Intraday Traders) BNF Trend Changer Level (Positional Traders) 18246 How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .   BN TC levels gave 1100 points and NF TC level gave 300 points in 2 session

 

Buy above 8124 Tgt 8150,8184  and 8220 (Nifty Spot Levels)

Sell below 7995  Tgt 7971,7940 and 7916 (Nifty Spot Levels)

 

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