FII sold 9.6 K contract of Index Future worth 858 cores, Net OI has increased by 3.2 K contract 3.1 K Long contract were covered by FII and 6.4 K Shorts were added by FII. Net FII Long Short ratio at 1.13 so FII used fall to exit long and enter short in Index Futures.
As Discussed in Last Analysis Gap up open took resistance at the gann angle as shown below chart and fell down. For Swing traders Bears need to move below 17244 for a move towards 17178/17112/17046. Bulls will get active above 17310 for a move towards 17376/17442. High made was 17291 so bulls were not able to cross 17310 and bears below 17244 did 1 target on dowside. We have important Astro Events happening on weekend so be cautious in carrying overnight positions in weekend. Close around 17329 would be best for coming week. For Swing traders Bears need to move below 17201 for a move towards 17136/17071/17006. Bulls will get active above 17267 for a move towards 17332/17397
Intraday time for reversal can be at 9:30/10:06/11:15/12:09/1:23/2:20 How to Find and Trade Intraday Reversal Times
MAX Pain is at 17100 PCR at 0.89, Rollover cost @16997 closed above it. PCR below 0.9 and above 1.3 lead to trending moves, and in between leads to range bound markets.
Nifty March Future Open Interest Volume is at 1.02 Cores with liquidation of 4.3 Lakh with increase in cost of carry suggesting LONG positions were closed today.
The option table data indicates decent support at 17000 and reasonable resistance at 17400.
Tommorow we have Gann Yealy cycle 24 March Covid crash date with Astro date Moon at Perigee so both gann and astro date coming so can lead to big move. First 15 Mins High and low will decide the trend of the day. — Worked perfectly 15 Mins Low was never touched today.
Do not get complacent with longs till we do not close above 17405-17456 zone, Basically range of 17405-17456 on upside and 16998-16930 on downside is strong supply and demand zone. Break of any side will lead to 400-500 points move. — Worked perfectly High made 17442 and a decent fall.
FII’s sold 1740 cores and DII’s bought 2091 cores in cash segment.INR closed at 76.35
One Of The Main Reasons So Many Fail When Trading. They Trade Their Emotions And Not Their Trades next week will be high energy week so aviod trading based on emotions. Any close below 17028 will be highly bearish.
For Positional Traders Stay long till we are holding Trend Change Level 17257 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 17244 will act as a Intraday Trend Change Level.