Nifty Analysis as we approach Gann Date of 24 June

  • FII’s sold 1.4 K contract of Index Future worth 236 cores 876 Long contract were added by FII’s and 2.3 K  Short contracts were added by FII’s. Net Open Interest increased  by 3.2 K contract, so rise in Nifty was used by FII’s to enter long and enter short in Index futures. FII’s Long to Short Ratio at 1.36
  • As Discussed in Last Analysis Now Bulls need a close above 11865 for the rally to continue till 11925/11984/12024. Bears will get active below 11785 for a move back to 11733/11680/11625.
  • High made today was 11827 so bulls failed to close above 11865 and once below 11785 bears did 1 target on downside at 11733,24 June is very important day as per Gann. Fresh Positional long should be taken above 11740 for a move back to 11790/11848/11919. Bears will get active below 11681 for a move back to 11627/11573/11520.

  • Nifty June Future Open Interest Volume is at 1.68 core with liquidation of 5.4 Lakh with  increase in  cost of carry suggesting short position were closed today, NF Rollover cost @11954 closed above it.
  • Total Future & Option trading volume at 7.79 Lakh core with total contract traded at 1.21 lakh , PCR @0.92
  • 12000 CE  is having Highest OI  at 42.2 Lakh, resistance at 12000 followed by 12100 .11000-11800 CE added 51 Lakh in OI so bears added position in range of 11800-12000. FII bought 14.6 K CE long and 10 K CE were shorted by them. Retail bought 133 K CE and 103 K CE were shorted by them.
  • 11700 PE OI@34.2 Lakhs having the highest OI strong support at 11700 followed by 11600 . 11000-11700 PE liquidated 6.4 Lakh in OI so bulls covered position in range 11600-11700. FII bought 15.9 K PE long and 12.8 K PE were shorted by them. Retail bought 29.8 K PE and 43.8 K PE were shorted by them.

Buy above 11752 Tgt 11780,11810 and 11844 (Nifty Spot Levels)

Sell below 11700 Tgt 11676,11650 and 11630 (Nifty Spot Levels)