Nifty Technical Analysis and Insights

FII bought 4.6 K contract of Index Future worth 432 cores, Net OI has reduced by 12.9 K contract 4.1 K Long contract were covered by FII and 8.8 K Shorts were covered by FII. Net FII Long Short ratio at 2.1 so FII used fall to exit longs and exit shorts.

As discussed in Last Analysis Nifty has formed an DOJI with NR7 and tommrow we have Shemitah cycle combined with Mars Yod Jupiter aspect suggesting we should get big move in next 2 trading sessions. Bulls need to move above 17430 for a move towards 17500/17576/17630. Bears will get active below 17363 for a move towards 17297/17232/17166/17101. Bears were able to do 1 target on downside and closed just tad below 17362 we saw bearish move in intraday but again saw buying from lower levels. Bulls need to move above 17430 for a move towards 17500/17576/17630. Bears will get active below 17360 for a move towards 17297/17232/17166/17101

Intraday time for reversal can be at 9:17/10:09/11:19/1:03/1:46/2:38 How to Find and Trade Intraday Reversal Times

Let me put an interesting observation, we closed the day more or less where we opened. In between, 100 point swing happened both ways. So, traders should have made money – and longer term players’ position remained the same. Exactly the same is indicated by FII stats. They did a lot of day trading – without changing any thing in the longer term perspective. Whoever, did the counter trading to that would have lost heavily.

Nifty Sep Future Open Interest Volume is at 1.49 Cores with addition of 0.19 Lakh with decrease in cost of carry suggesting SHORT position were covered today.

There is total OI of 4.7 Cores on the Call side and 4.2 Cores on the Put side. More OI on Call side suggesting Bearish sentiment in market players.

The Option Table data indicates decent support at 17300 and reasonable resistance at 17500.NF Low was 17300

Retailers have bought 178 K CE contracts and Sold 155 K CE contracts on Put Side Retailers bought 40 K PE contracts and 61 K PE contracts were shorted by them suggesting having bulish outlook,On Flip Side FII bought 21.4 K CE contracts and 14.9 K CE contracts were shorted by them, On Put side FII’s bought 11.1 K PE and 3.5 K shorted PE were covered by them suggesting they have a turned to neutral to bearish Bias.

For Positional Traders Stay long till we are holding Trend Change Level 17071 and stay short below it. That will help you stay on the side of Institutions and which has a greater risk-reward ratio. For Intraday Traders 17378 will act as a Intraday Trend Change Level.

Buy Above 17400 Tgt 17424, 17468 and 17500 (Nifty Spot Levels)