FII sold 8.4 K contract of Index Future worth 682 cores, Net OI has decreased by 9.9 K contract 1.9 K Long contract were covered by FII and 9.4 K Shorts were added by FII. Net FII Long Short ratio at 0.21 so FII used fall to exit Long and enter short in Index Futures.
As Discussed in Last Analysis Nifty opened with gap up 15 mins low broken and fall started. It has been 7 days of decline but we are still in Budget day candel High and low. Price continue to trade around Jan Low f 17405 but need a close above previous day high for any kind of reversal.
Today is 8th consecutive red candle on the Daily charts,Bullish Pin Bar near Gann Angle Support as shown in below chart and today was the day when Budget day Low got breached and price touched its 200 DMA if this low holds then expect a move till 17560/17693/17825.
We have Monthly Close tommrow so watch for 3 PM tommrow for a spike in nifty. On MOnthly time frame this will be 3 Red Candel.
Swing Trader above 17430 can see move towards 17496/17562/17627. Bears will get active below 17288 for a move towards 17221/17166/17089
Intraday time for reversal can be at 10:32/11:56/12:41/1:47/2:49 How to Find and Trade Intraday Reversal Times
MAX Pain is at 17450 PCR at 0.89 Markets tend be range-bound when PCR OI (Open Interest) ranges between 0.90 and 1.05.
Retailers have bought 192 K CE contracts and 195 K CE contracts were shorted by them on Put Side Retailers bought 167 K PE contracts and 155 K PE shorted contracts were added by them suggesting having neutral outlook.
FII bought 198 K CE contracts and 131 K CE were shorted by them, On Put side FII’s bought 172 K PE and 177 K PE were shorted by them suggesting they have a turned to neutral Bias.
Nifty Rollover cost @17844 and 67.6 % rollover is done.
Maximum Call open interest of 36 lakh contracts was seen at 1600 strike, which will act as a crucial resistance level and Maximum PUT open interest of 33 lakh contracts was seen at 17300 strike, which will act as a crucial Support level
FII’s sold 2022 cores and DII’s bought 2231 cores in cash segment.INR closed at 82.60
#NIFTY50 as per musical octave trading path can be 17804-17538-17274 take the side and ride the move !!
One of the tactics of avoiding fear is to conduct due diligence before entering a trade by doing your analysis. Once that is done, let the trade run to maturity. Walk away from it if necessary and avoid watching EVERY TICK
Positional Traders Trend Change Level is 17569 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 17462 will act as a Intraday Trend Change Level.