FII bought 41 K contract of Index Future worth 3773 cores, Net OI has decreased by 26.7 K contract 7 K Long contract were added by FII and 33.7 K Shorts were covered by FII. Net FII Long Short ratio at 0.36 so FII used rise to enter Long and exit short in Index Futures.
As discussed in Last Analysis Price has been in sideways mode in last few sessions If BUlls are able to protect 17719 we can see a decent pullback tommrow, US CPI data will come so wednesday will be a gap up or gap down so take overnight position with Hedge.
Nifty has closed above 50 % Gann Retracement and coming to crucial range of 17972 Budget day High which need to be watched closely. Also we have closed above Mercury Ingress High. Equity buying/selling is delayed cycle to the FnO cycle. First FII take long positions in FnO – Then they will start buying equities to induce a rally – and then they will start liquidating the FnO longs. FII’s have been buying from last few trading sessions.
Nifty Trade Plan as per NR21 Pattern, Bulls were able to close above 17876 and did 1 target on upside and now waiting for target as shown below.
Intraday time for reversal can be at :25/11:2/12:57/1:21/2:10 How to Find and Trade Intraday Reversal Times
MAX Pain is at 17900 PCR at 0.97 Markets tend be range-bound when PCR OI (Open Interest) ranges between 0.90 and 1.05.
Maximum Call open interest of 30 lakh contracts was seen at 18000 strike, which will act as a crucial resistance level and Maximum PUT open interest of 20 lakh contracts was seen at 17800 strike, which will act as a crucial Support level
Retailers have sold 119 K CE contracts and 89 K shorted CE contracts were covered by them on Put Side Retailers bought 468 K PE contracts and 184 K PE shorted contracts were added by them suggesting having BEARISH outlook.
FII sold 122 K CE contracts and 149 K shorted CE were covered by them, On Put side FII’s sold 59.2K PE and 83.8 K PE were shorted by them suggesting they have a turned to BULLISH Bias.
Nifty Feb Future Open Interest Volume is at 0.95 Cr with liquidation of 1.1 Lakh with increase in Cost of Carry suggesting Long positions were closed today.
Though FII bought high amount of options in today – The volume is generally on the higher side negating the possibility of sideways movement– got the big move.
Nifty Bulls were able to break 17898-17908 now waiting for an explosive move on Upside. Bears need to break 17843.
FII’s bought 1305 cores and DII’s bought 204 cores in cash segment.INR closed at 82.60
#NIFTY50 as per musical octave trading path can be 17884-18152 take the side and ride the move !!
Trade price action not opinions. Be quick to cut losses and patient to ride winners. Getting stuck on what you think should happen could be fatal when the market disagrees with you.
Positional Traders Trend Change Level is 17814 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 17902 will act as a Intraday Trend Change Level.