Has Nifty Formed Short Term Bottom On Gann Date?

  • FII bought 4.9 K contract of Index Future worth 428 cores, Net OI has decreased by 9 K contract, 2 K Long contract were covered by FII and 7 K short were covered by FII. Net FII Long Short ratio at 0.44, So FII used fall to exit longs and exit  shorts.
  • As Discussed in Last Analysis – We had a major breakdown today so we can see the decline extending till 10600/10570 till we are below 10910 . We saw the effect of time cycle date today as nifty corrected almost 200 points. Bulls need to see rise above 10800 for a move back to 10843/10890/10945. Low made was 10737 so bears almost did our target of 10600 and we saw a recovery. Bulls need to see rise above 10870 for a move back to 10950/11060.Bears will get active below 10770 0 for a move back to 10730/10666/10610,23 was a Gann Natural Date so holding this low we can see a good rally only if we close above 10909.

  • Total Future & Option trading volume at 10.43 Lakh core with total contract traded at 2.14 lakh , PCR @0.70
  • Nifty Aug Future Open Interest Volume is at 1.81 core with liquidation of 0.85 Lakh with  increase in  cost of carry suggesting long position were added today, NF Rollover cost @11355 closed below it.
  • 11000 CE  is having Highest OI  at 45.9  Lakh, resistance at 11000 followed by 11100 .10600-11100 CE added 6.5 Lakh in OI so bears added position in range of 11000-11200. FII Bought 16.8 K CE Contract and 40 K CE were shorted by them, Retailers bought 46.5 K CE and 50K CE were shorted by them.
  • 10800  PE OI@33.8 Lakhs having the highest OI strong support at 10800 followed by 10700 . 10600-11200 PE added 16 Lakh in OI so bulls added position in range 10800-11100.FII Bought 4.4  K PE Contract and 14.1 K PE were shorted by them, Retailers bought 100 K PE and 68.2 K PE were shorted by them.
  • FII’s  sold 1737 cores and DII’s bought 1548 cores in cash segment.INR closed at 71.81

Buy above 10862 Tgt 10890,10915 and 10945  (Nifty Spot Levels)

Sell below 10800 Tgt 19776,10730 and 10690  (Nifty Spot Levels)