Nifty Analysis as Mercury Turns Direct

  • FII sold 1.6 K contracts of Index Futures worth 162 cores, Net OI has increased by 280 contracts, 699  Long contracts were liquidated by FII and 979 shorts were added by FII. Net FII Long to Short ratio is at 0.58, So FII used this rise to exit longs and enter shorts.
  • As discussed in last analysis;  We have formed a Bearish ABCD Pattern with a PRZ zone around 12051, so any longs should keep an SL of 11966 and book out around 12051. Mercury Turns Direct today, so we should see a good move in Nifty in the next 2 days, fresh Longs should be taken above 12002 for a move back to 12051/12104. Bears will get active below 11950 for a move back to 11885/11821.

  • Total Future & Option trading volume is at 23 Lakh cores, with total contracts traded at 0.89  lakh, PCR @0.80
  • Nifty Nov Future Open Interest Volume is at 1.44 Lakh cores, with a liquidation of 4.7 Lakh, with a decrease in thr cost of carry, suggesting long positions were closed today, NF Rollover cost @11814 and closed above it.
  • 12000 CE is having a Highest OI at 37.9 Lakh, resistance at 12000, followed by 12100. 11500-12000 CE added 17 Lakh in OI, so bears added positions in the range of 12000-12200.
  • 11900 PE OI is @28.7 Lakhs, having the highest OI strong support at 11900, followed by 11800. 11500-12000 PE added 26 Lakh in OI, so bulls added positions in the range of 11900-11850.
  • FII’s bought 5023 cores and DII’s sold 247 cores in the cash segment. INR closed at 71.84

Buy Above 11985 Tgt 12012,12038 and 12068 (Nifty Spot Levels)

Sell Below 11956 Tgt 11940,11920 and 11900 (Nifty Spot Levels)