FII sold 4.9 K contract of Index Future worth 417 cores, Net OI has increased by 15.5 K contract 5.2 K Long contract were added by FII and 10.2 K Shorts were added by FII. Net FII Long Short ratio at 0.63 so FII used rise to enter long and enter short in Index Futures.
Low made was 16444 today and 16443 om 02 June suggesting we have formed a double bottom as today was Saturn Retrograde and Mercury Declination suggesting till 16444 is held Bulls have upper hand. For Swing Traders Bulls need to move above 16571 for a move towards 16635/16699/16763. Bears will get active below 16507 for a move towards 16443/16385/16323/16214.Tommorow we are completing 90 days from 08 March Bottom we have made.
Intraday time for reversal can be at 10:10/11:15/12:21/1:18/2:18 How to Find and Trade Intraday Reversal Times
MAX Pain is at 16600 PCR at 0.79 PCR below 0.89 and above 1.3 lead to trending moves, and in between leads to range bound markets.Nifty rollover cost @ 16139and Rollover @69.6 %.
Nifty May Future Open Interest Volume is at 110 Cores with addition of 9.8 Lakh with increase in cost of carry suggesting LONG positions were added today.
Maximum Call open interest of 51 lakh contracts was seen at 16700 strike, which will act as a crucial resistance level and Maximum PUT open interest of 45 lakh contracts was seen at 16300 strike, which will act as a crucial Support level
FII’s sold 2397 cores and DII’s bought 1940 cores in cash segment.INR closed at 77.77
The market is always dynamic. It is oblivious to your wins or losses. But too many traders blame the market for their failures. They do not consider for a moment that their failures are caused by a lack of preparation and irrational emotions.
For Positional Traders Stay long till we are holding Trend Change Level 16487 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 16548 will act as a Intraday Trend Change Level.