FII sold 19.1 K contract of Index Future worth 1656 cores, Net OI has increased by 11.8 K contract 3.6 K Long contract were covered by FII and 15.4 K Shorts were added by FII. Net FII Long Short ratio at 1.3 so FII used RISE to EXIT longs and ENTER Shorts.
As Discussed in Last AnalysNow nifty is near an important level of 17304 which it has held in last 3-4 trading session close below this can see fall towards 17000 levels. Bulls need a move above 17374 for a move towards 17440/17506/17573/17639. Bears will have chance below 17299 for a move towards 17243/17177/17112. Bulls were unable to cross 17374 high made was 17376 but we closed above 17304 As Mars Opposition North Node ie. Rahu it generally leads to trending move. Break of today High and low can see a move of 196 points in Nifty. Bulls need to move above 17374 for a move towards 17440/17506/17573/17639. Bears will have chance below 17299 for a move towards 17243/17177/17112.
MAX Pain is at 17350 PCR at 0.98, Nifty Rollover cost @ 17538 closed above it
Nifty Dec Future Open Interest Volume is at 1.18 Cores with addition of 9.6 Lakh with decrease in cost of carry suggesting LONG positions were added today.
There is total OI of 6.5 Cores on the Call side and 5 Cores on the Put side, So, the activity is more on the CALL side, indicating option writers are in BEARISH zone.
We do not get into strong bull trend with out sufficient backup in the equity segment. Probably the institutions also are adopting a wait-and-watch policy till the global dust settles on OMNICORN down – and are playing the market with a very short term outlook – perhaps manipulating the index on a series by series basis.
The Option Table data indicates decent support at 17300 and reasonable resistance at 17600.
FII’s sold 763 cores and DII’s bought 425 cores in cash segment.INR closed at 75.97. Cash selling in slowing down.
Retailers have bought 233 K CE contracts and 178 K shorted CE contracts were shorted by them on Put Side Retailers bought 159 K PE contracts and 165 K PE contracts were shorted by them suggesting having BULLSIH outlook,On Flip Side FII sold 8.5 K CE contracts and 32 K shorted CE were added by them, On Put side FII’s bought 33.5 K PE and 29.2 K PE were shorted by them suggesting they have a turned to BEARISH Bias.
We are living in an insane world – Fed confirm Taper is ON that might stop the printing press – And we might rally on Bad news. So, dont be surprised if markets appear irrational.
For Positional Traders Stay long till we are holding Trend Change Level 17318 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 17339 will act as a Intraday Trend Change Level.
Buy Above 17350 Tgt 17376, 17400 and 17444(Nifty Spot Levels)