- FII’s bought 15.4 K contract of Index Future worth 734 cores ,8.4 K Long contract were added by FII’s and 7 K short contracts were liquidated by FII’s. Net Open Interest increased by 1.3 K contract, so rise in market was used by FII’s to enter long and exit shorts in Index futures. Impact of the Union Budget on the Indian Stock Market
- As discussed in last analysis Nifty made low of 6961 and closed near 6970, near the gann confluence of trend line and just above the green arc. Holding the same we can see bounce back till 7058/7110. Break of green arc can see nifty moving towards 6830/6800 range. High made today was 7053 near 7058, gann support with demand analysis worked perfectly. As we have Budget on Monday move above 7058 will see quick move towards 7141/7252. On Downside break of 6930 can see move towards 6860/6830. Bank Nifty Technical Analysis before Budget 2016
- Nifty March Future Open Interest Volume is at 1.85 core with liquidation of 1.6 Lakh with decrease in cost of carry suggesting long position were closed today, Rollover stands at 54 % and Rollover cost @7179.
- Total Future & Option trading volume was at 1.48 Lakh core with total contract traded at 1.7 lakh , PCR @0.77, .How To Identify Market Tops and Bottom
- 7500 CE OI at 47 lakh , wall of resistance @ 7500 .7000/7300 PE added 23 lakh so bears added aggressively above 7100 .FII bought 27.3 K CE longs and 21 K CE were shorted by them .Retail bought 30 K CE contracts and 56.6 K CE were shorted by them.
- 7000 PE OI@49 lakhs having the highest OI strong support at 7000 . 7000/6800 PE added 13 lakh so bulls trying to form a based around 7000.FII bought 17 K PE longs and 15 K PE were shorted by them .Retail bought 47.3 K PE contracts and 31 K PE were shorted by them.
- FII’s sold 695 cores in Equity and DII’s bought 784 cores in cash segment.INR closed at 68.72
- Nifty Futures Trend Deciding level is 7046 (For Intraday Traders). NF Trend Changer Level (Positional Traders) 7033 How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level
Buy above 7060 Tgt 7100,7141 and 7200 (Nifty Spot Levels)
Sell below 7020 Tgt 6960,6900 and 6830 (Nifty Spot Levels)
NEUTRAL ZONE OF 6960 ~7100 (FIRST TGT ON LONG & SHORT ) WILL BE BETTER THAN 7020 ~ 7060 BECAUSE OF BUDGET DAY