Nifty Analysis for 24 Dec

FII bought 11.4 K contract of Index Future worth 989 cores, Net OI has increased by 9 K contract 10.2 K Long contract were added by FII and 1.2 K Shorts were covered by FII. Net FII Long Short ratio at 1.91 so FII used RISE to EXIT longs and EXIT Shorts.

As Discussed in Last Analys North Node is moving in Taurus, Rahu generally create voltality in the market so time to be cautious for next 2 trading sessions. Now Bulls need to move above 17014 for a move towards 17078/17143/17208. Bears will get active below 16884 for a move back to 16819/16777. Low made was 17015 so bulls got entry near 17014 and did 1 target on upside. Coming Weekend we have important aspect BankRuptcy Aspect happening also Mercury going Ingress so carry light positions overnight. For Swing Traders Bulls need to move above 17122 for a move towards 17172/17225. Bears will get active below 16965 for a move back to16910/16824

Intraday time for reversal can be at 9:43/11/11:48/2:3 How to Find and Trade Intraday Reversal Times

Nifty Dec Future Open Interest Volume is at 0.96 Cores with liquidation of 1 Lakh with decrease in cost of carry suggesting LONG positions were closed today.

There is total OI of 5.60 Cores on the Call side and 5.45 Cores on the Put side, So, the activity is equal on both side, indicating option writers are in NEUTRAL zone.

17024 needs to be seen very closely today unable to close above it the whole fall can get retraced.

The Option Table data indicates decent support at 16800 and reasonable resistance at 17300.

FII’s bought 271 cores and DII’s bought 1196 cores in cash segment.INR closed at 75.21

Retailers have sold 85.3 K CE contracts and 16.5 K shorted CE contracts were covered by them on Put Side Retailers bought 497 K PE contracts and 383 K PE contracts were shorted by them suggesting having BEARISH outlook,On Flip Side FII sold 26 K CE contracts and 23.2 K shorted CE were covered by them, On Put side FII’s sold 1.1 K PE and 22.8 K PE were shorted by them suggesting they have a turned to NEUTRAL Bias.

Last Expiry happened on 17248 and today was are down approximatley 300 points so Big players are short from higher levels. Any close above 17014 can trigger a big short covering rally and break of 16895 can lead to swift fall.

For Positional Traders Stay long till we are holding Trend Change Level 16945 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 17086 will act as a Intraday Trend Change Level.

Buy Above 17122 Tgt 17172, 17200 and 17225 (Nifty Spot Levels)