FII sold 382 contract of Index Future worth 34 cores, Net OI has increased by 4.3 K contract 1.9 K Long contract were added by FII and 2.3 K Shorts were added by FII. Net FII Long Short ratio at 1.93 so FII used RISE to ENTER longs and ENTER Shorts.
As discussed in last analysisNifty is completing 225 trading days from Jan 29 Bottom and price near important leve of 17100, So Price and time both are confluencing.Bulls need to move above 17154-17157 can see move towards 17222/17287/17352. Bears below 17027 for a move back to 16962/16898/16833. 17222 done now waitng for 17287/17352 till we are holding 17161. Bears below 17150 can see fall towards 17100/17050.
MAX Pain is at 17200 PCR at 1.05, Huge increase in Max Pain
Nifty Jan Future Open Interest Volume is at 0.46 Cores with addition of 14.4 Lakh with increase in cost of carry suggesting LONG positions were added today.
There is total OI of 8.4 Cores on the Call side and 9.6 Cores on the Put side, So, the activity is more on the PUT side, indicating option writers are in BULLISH zone.
Its been a Choppy trade in past few trading sessions with volatile move coming both sides, and seeing swing in MTM can drain a trader emotionally. But thats the Job of trader to pass tough times with less loss and sit tight when trending move is coming.
The Option Table data indicates decent support at 17000 and reasonable resistance at 17300 .
FII’s bought 207 cores and DII’s bought 567 cores in cash segment.INR closed at 74.85
Retailers have bought 167 K CE contracts and 140 K CE contracts were shorted by them on Put Side Retailers bought 193 K PE contracts and 181 K PE contracts were shorted by them suggesting having BEARISH outlook,On Flip Side FII bought 47.5 K CE contracts and 42.3 K CE were shorted by them, On Put side FII’s bought9.4 K PE and 924 K PE were shorted by them suggesting they have a turned to BULLISH Bias.
Nifty Needs a close above 17154-17178 high of last week and hammer pattern to show it effect for a rally towrds 17325-17384.FII’s have bought options worth 8500 cores in last 2 trading session so we should see trending move soon. Trending move came and waiting for 17325-17384
For Positional Traders Stay long till we are holding Trend Change Level 17201 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 17217 will act as a Intraday Trend Change Level.