FII sold 33.6 K contract of Index Future worth 3013 , Net OI has decreased by 14.9 K contract 24.2 K Long contract were covered by FII and 9.3 K Shorts were added by FII. Net FII Long Short ratio at 1.91 so FII used FALL toEXIT Longs and ENTER Shorts.
As discussed in last analysisNifty Bulls 17956-17983 range longs should lighten off and take some money off the table. Fresh Long only on close above 18000 for a move towards 18088/18192. Bears will get active below 17844 for a move towardds 17777/17714
MAX Pain is at 17700 PCR at 0.98, Rollover cost @17280 closed above it.
Nifty Jan Future Open Interest Volume is at 1.02 Cores with liquidation of 3.5 Lakh with increase in cost of carry suggesting LONG positions were closed today.
There is total OI of 2.7 Cores on the Call side and 2.8 Cores on the Put side, So, the activity is more on the PUT side, indicating option writers are in BULLISH zone.
Retailers have bought 279 K CE contracts and 163 K CE contracts were shorted by them on Put Side Retailers bought 464 K PE contracts and 370 K PE contracts were shorted by them suggesting having BEARISH outlook,On Flip Side FII bought 33.5 K CE contracts and 38.1 K CE were shorted by them, On Put side FII’s bought 50.4 K PE and 48.9 K PE were shorted by them suggesting they have a turned to BULLISH Bias.
The Option Table data indicates decent support at 17600 and reasonable resistance at 18000.
FII’s sold 1926 cores and DII’s bought 800 cores in cash segment.INR closed at 74.62
We had the Highest Volume in Nifty future yesterday of 2.4 Lakh suggesting break of 17845 on upside or break of 17685 on downside can lead to 160 points move in Index. Keep these levels in your trading plan.
2 Important Bayers Rules are becoming active today and tommorow Bayer Rule 27: Big tops and big major bottoms are when Mercury’s speed in Geocentric longitude is 59 minutes or 1 degree 58 minutes and Bayer Rule 19: We have tops when Venus in geocentric position passes the conjunction with the Sun. SUN Conju Venus . 17800 on Upside and 17655 on downside break any side will lead to 200-250 point move in Nifty.
For Positional Traders Stay long till we are holding Trend Change Level 17614 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 17788 will act as a Intraday Trend Change Level.