FII bought 6.1 K contract of Index Future worth 578, Net OI has decreased by 6.6 K contract 216 K Long contract were covered by FII and 6.3 K Shorts were covered by FII. Net FII Long Short ratio at 2.1 so FII used RISE to EXIT Longs and EXIT 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. Both short target done once below 17844 and price reacted from gann angle. Till we are holding 17771 rally can extend towards 17921/17987/18054. Bears will get active below 17750 for a move towards 17666/17610/17555.
MAX Pain is at 17800 PCR at 0.9, Rollover cost @17280 closed above it.
Nifty Jan Future Open Interest Volume is at 1.02 Cores with addition of 0.88 Lakh with decrease in cost of carry suggesting LONG positions were closed today.
There is total OI of 4.4 Cores on the Call side and 4.4 Cores on the Put side, So, the activity is equal on the PUT and CALL side, indicating option writers are in NEUTRAL zone.
Retailers have bought 640 K CE contracts and 586 K CE contracts were shorted by them on Put Side Retailers bought 450 K PE contracts and 477 K PE contracts were shorted by them suggesting having BULLISH outlook,On Flip Side FII sold 3.8 K CE contracts and 29.9 K CE were shorted by them, On Put side FII’s bought 22.9 K PE and 36.1 K PE were shorted by them suggesting they have a turned to BEARISH Bias.
The Option Table data indicates decent support at 17600 and reasonable resistance at 18000.
FII’s bought 496 cores and DII’s sold 115 cores in cash segment.INR closed at 74.49
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. —Got almost 100 points from 17845
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 17648 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 17850 will act as a Intraday Trend Change Level.