Nifty Falls 100 Points As Mercury Changes Sign

  • FII’s bought 5.4 K contracts of Index Futures worth 294 cores, 2.5 K Long contracts were covered by FII’s and 8 K Short contracts were covered by FII’s. Net Open Interest decreased by 10.6 K contracts, so rise in Nifty was used by FII’s to exit long and exit short in Index futures. FII’s Long to Short Ratio is at 1.96.
  • As Discussed in Last Analysis, Nifty opened with a gap up with a high of 11856 and corrected showing the effect of a Mercury change; Bears will get active below 11735 for a move back to 11666/11610. A high was made today at 11727, and Nifty met all our targets on the downside, also Intraday Levels mentioned on twitter met the target likewise. Now Bulls need to go above 11666 for a move back to 11740/11810. Bears will get active below 11550 for a move back to 11500/11450.

  • Nifty April Future Open Interest Volume is at 1.37 core with a liquidation of 20 Lakh and with increase in cost of carry, suggesting a short position, which were added today, NF Rollover cost @11537.
  • Total Future & Option trading volume is at 8.47 Lakh core with total contract traded standing at 1.27 lakh, PCR @0.88
  • 11700 CE is having Highest OI at 41.5 Lakh, resistance at 11700, followed by 11800. 11000-11800 CE added 59 Lakh in OI, so bears added a position in the range of 11600-11800. FII bought 12.3 K CE and 970 shorted CE were covered by them. Retail bought 235 K CE and 161 K CE were shorted by them.
  • 11500 PE OI@24.5 Lakhs – having the highest OI support going strong at 11500, followed by 11400. 11000-11600 PE liquidated 24.5 Lakh in OI so bulls covered a position in the range of 11400-11500. FII bought 30.2 K PE and 5.8 K shorted PE were covered by them. Retail sold 3.2 K PE and 30.5 K shorted PE were covered by them.

Buy above 11610, Tgt 11635, 11656 and 11688 (Nifty Spot Levels)

Sell below 11580, Tgt 11565, 11545 and 11525 (Nifty Spot Levels)