Nifty Analysis As PM Modi Begins New Term

  • FII’s bought 28.3 K contracts of Index Futures worth 2221 cores; 65.2 K Long contracts were covered by FII’s and 123 K Short contracts were covered by FII’s. Net Open Interest decreased  by 188 K contracts, so a rise in Nifty was used by FII’s to exit longs and exit shorts in Index futures. FII’s Long to Short Ratio at 1.50
  • As Discussed in Last Analysis, We have an important time cycle date tomorrow, Bulls will get active above 11910 for a move back to 11950/12010. Bears will get active below 11810 for a move back to 11777/11721/11666/11610
  • 11950 closed above 11910 and we saw a bounceback based on neural analysis and time cycle, until we are above 11910 bulls can move towards 12000/12041/12100, Bears will get active below 11810 for a move back to 11777/11721/11666/11610.

  • Nifty June Future Open Interest Volume is at 1.87 cores with an addition of 53.1 Lakh with a decrease in cost of carry suggesting long positions were closed today, NF Rollover cost is @11954
  • Total Future & Option trading volume at 23.70 Lakh cores with total contracts traded at 1.68 lakh, PCR @0.88
  • 12000 CE is seeing a Highest OI at 53.4 Lakh, resistance at 11900 followed by 11950. 11000-11800 CE added 33 Lakh in OI so bears added positions in the range of 11800-12000. FII sold 4.2 K CE and 15.9 K shorted  CE were covered by them. Retail bought 183 K CE and 110 K CE were shorted by them.
  • 11700 PE OI@22.4 Lakhs having the highest OI strong support at 11700 followed by 11650. 11000-11700 PE liquidated 28 Lakh in OI so bulls covered a huge position in the range of 11500-11600. FII bought 17.9 K PE and 239 PE were shorted by them. Retail sold 71 K PE and 39.4 K PE were shorted by them.

Buy above 11970 Tgt 12000,12021 and 12041 (Nifty Spot Levels)

Sell below 11920 Tgt 11898,11877 and 11843  (Nifty Spot Levels)