FII bought K contract of Index Future worth 1697 cores, Net OI has increased by 11 K contract 11 K Long contract were added by FII and 7.7 K Shorts were covered by FII. Net FII Long Short ratio at 0.62 so FII used rise to ENTER Longs and EXIT Shorts.
As Discussed In Last AnalysisNifty 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. NIfty is approaching important gann level of 17828, Range of 17800-17828 is crucial zone, Once trading above it rally can continue towards 18000. Bears will have chance below 17729 for a move towards 17666/17610.
MAX Pain is at 17700 PCR at 0.98, Rollover cost @17295 closed above it.
Nifty Feb Future Open Interest Volume is at 0.94 Cores with liquidation of 3 Lakh with decrease in cost of carry suggesting LONG positions were closed today.
There is total OI of 7.02 Cores on the Call side and 8.83 Cores on the Put side, So, the activity is more on the PUT side, indicating option writers are in BULLISH zone.
As per Gann, Till we ar above Budget day High of 17622 bulls have upper hand, Now approaching all important level of 17828.
Retailers have sold 187 K CE contracts and 86.5 K CE contracts were shorted by them on Put Side Retailers bought 641 K PE contracts and 480 K PE contracts were shorted by them suggesting having BEARISH outlook,On Flip Side FII bought 1.1 K CE contracts and 118.7 K shorted CE were covered by them, On Put side FII’s bought 11.4 K PE and 26.7 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 17900 .
FII’s sold 183 cores and DII’s bought 425 cores in cash segment.INR closed at 74.95.
For Positional Traders Stay long till we are holding Trend Change Level 17398 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 17747 will act as a Intraday Trend Change Level.