Nifty Analysis as ADANI FPO got Called off

By | February 2, 2023 8:49 am

FII bought 7.8 K contract of Index Future worth  796 cores, Net OI has decreased by 6.5 K contract 655 Long contract were added by FII and 7.1 K Shorts were covered by FII. Net FII Long Short ratio at 0.23 so FII used rise to enter Long and exit short in Index Futures.

As Discussed in Last Analysis

As disucssed in below video we have seen many top and bottom formation 1-2 days before and after budget. If Nifty sustains above 17804 we can see a move of 18025, 18025-18070 is very crucial range any close above it can lead to big short covering. On Downside Break of 17529 can lead to fall towards 17274/17012.

It was a massive day of volatlity as shown in below chart Range for the day was 592 points We had a strong upmove from 17800-17972 and downmove from 17972 to 17400 , and formed a Massive Outside bar pattern. On Daily time frame nifty is down just 45 points but intraday traders would had a crazy ride.

Nifty will open gap down again as Adani FPO got cancelled it will hit sentiment badly. Adani Bonds are trading at Junk Status. How time changes in matter of days. Coming Back to Nifty 17290 is 200 DMA, which can act as minor support. Breaking the same can be a fast fall towards 17000 in short term. On upside Bulls will get respite once Index start trading above 17678. Moves will be very fast and swift today.

Intraday time for reversal can be at 9:29/10:32/12:12/1:42/2:25  How to Find and Trade Intraday Reversal Times

MAX Pain is at 17500 PCR at 0.98 Markets tend be range-bound when PCR OI (Open Interest) ranges between 0.90 and 1.05. 

Maximum Call open interest of 90 lakh contracts was seen at 17800 strike, which will act as a crucial resistance level and Maximum PUT open interest of 50 lakh contracts was seen at 17300 strike, which will act as a crucial Support level

Nifty Feb Future Open Interest Volume is at  1.04 Cr with liquidation of 0.86 Lakh with increase in Cost of Carry suggesting Long positions were added today.

Nifty Rollover cost @18169 and Rollover % @75  Closed below it. 

Retailers have bought 102 K CE contracts and 831 K CE contracts were shorted by them on Put Side Retailers bought 166 K PE contracts and 184 K PE contracts were shorted  by them suggesting having neutral outlook.

FII sold 64 K CE contracts and 31.9 K CE were shorted by them, On Put side FII’s sold 17 K PE and 30.5 K PE were shorted by them suggesting they have a turned to neutral Bias.

FII’s bought  1785 cores and DII’s bought  529 cores in cash segment.INR closed at 81.60

#NIFTY50  as per musical octave trading path can be 17274-17538-17804 take the side and ride the move !!


 No amount of study or practice can make one successful in the handling of capital if one really is not cut out for it.

Positional Traders Trend Change Level is 17807 on Futures go long and short above/below it That will help you stay on the side of Institutions and which has a greater risk-reward ratio. Intraday Traders 17824 will act as a Intraday Trend Change Level.

Intraday Trading Levels

Buy Above 17555 Tgt 17600, 17630 and 17666 (Nifty Spot Levels)

Sell Below 17485 Tgt 17444, 17400 and 17366 (Nifty Spot Levels)

As always I wish you maximum health and trading success

Category: Daily

About Bramesh

Bramesh Bhandari has been actively trading the Indian Stock Markets since over 15+ Years. His primary strategies are his interpretations and applications of Gann And Astro Methodologies developed over the past decade.

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