FII sold 4.7 K contract of Index Future worth 414 cores, Net OI has increased by 11 K contract 3.1 K Long contract were added by FII and 7.9 K Shorts were added by FII. Net FII Long Short ratio at 0.46 so FII used rise to ENTER Longs and ENTER Shorts.
As Discussed In Last AnalysisAbove 17429 ally can extend towards 17576/17666/17729/17828. Bears will get active below 17265 for a move towards 17104/17026/16900/16836. Nifty closed at 17576 suggesting rally can continue towards 17666/17729/17828. Bears will have chance only below 17555 for a move towards 17485/17400/17333.
MAX Pain is at 17450 PCR at 0.73, Rollover cost @17295 closed above it.
Nifty Feb Future Open Interest Volume is at 0.93 Cores with liquidation of 0.11 Lakh with decrease in cost of carry suggesting SHORT positions were closed today.
There is total OI of 6.02 Cores on the Call side and 3.83 Cores on the Put side, So, the activity is more on the CALL side, indicating option writers are in BEARISH zone.
As per Gann, Till we ar above Budget day High of 17622 bulls have upper hand, 04 Feb Mercury will again come dirrect so do not be outright bullish and trade cautiously.
Retailers have bought 598 K CE contracts and 567 K CE contracts were shorted by them on Put Side Retailers bought 571 K PE contracts and 529 K PE contracts were shorted by them suggesting having BEARISH outlook,On Flip Side FII bought 47K CE contracts and 11 K CE were shorted by them, On Put side FII’s bought 36.2 K PE and 36.4 K PE were shorted by them suggesting they have a turned to BEARISH Bias
The Option Table data indicates decent support at 17300 and reasonable resistance at 17800 .
FII’s sold 21 cores and DII’s bought 1597 cores in cash segment.INR closed at 74.91.
For Positional Traders Stay long till we are holding Trend Change Level 17311 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 17518 will act as a Intraday Trend Change Level.