Nifty corrects from gann resistance zone,EOD Analysis

By | January 14, 2017 12:26 pm

  • FII’s bought 1.7 K contract of Index Future worth 90 cores ,2.9 K Long contract were added by FII’s and 1.2 K short contracts were added by FII’s. Net Open Interest increased  by 4.2 K contract, so fall in market was used by FII’s to enter long and enter shorts  in  Index futures. Do not Strike when Angry
  • As discussed in last analysis    As we have weekly closing tomorrow so bulls will be happy to close above the gann resistance zone as shown in below chart,bears will be happy to close below 8380. Close above 8440 can see next round of upmove towards 8555/8598. Bears below 8370 can move back towards 8270-8250 range. Nifty opened gap up made high of 8460 ,Low of 8370 and closed at 8400 so unable to close above 8435 levels and below 8370 levels. As seen in below chart took exact resistance at gann line. Now going forward fresh long should be taken above 8460 only. Nifty has rallied 567 points so small consolidation in a range should be done before the next leg of rally. Trading below 8410 nifty can see correction towards 8338/8250, Bullish above 8460 for a next move towards 8555/8598/8680.  Bank Nifty consolidate gains,EOD Analysis

  • Nifty Jan Future Open Interest Volume is at 1.99  core with addition of 7.2 Lakh with increase in cost of carry suggesting short  position were added today, NF Rollover cost @8031 closed above it.
  • Total Future & Option trading volume at 2.81 Lakh core with total contract traded at 0.99 lakh , PCR @1.06
  • 8400  CE  is having Highest OI  at 50.6 lakh, resistance at 8400 followed by 8500 .8000/8600 CE  liquidated 4.6 Lakh so bears covered there position in 8200/8300 CE suggesting nifty ready for further upmove .FII bought 4 K CE longs and 3.5 K CE were shorted by them .Retail bought 36.8 K CE contracts and 20.2 K CE were shorted by them.
  • 8000 PE OI@68.3 lakhs having the highest OI strong support at 8000. 8000-8600 PE added 5 Lakh in OI so bulls  added in 8300/8400 PE. FII bought 13.3 K PE longs  and 17.3 K PE were shorted by them .Retail bought 30.2 K PE contracts and 19 K PE were shorted by them.
  • FII’s sold 117 cores in Equity and DII  sold 473 cores in cash segment.INR closed at 68.15

Buy above 8412  Tgt 8430,8450 and 8470 (Nifty Spot Levels)

Sell below 8380 Tgt 8360,8340 and 8320 (Nifty Spot Levels)

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