Nifty Gives Us A Big Move On An Astro Date

  • As Discussed in Last Analysis   As we have a RBI Policy outcome by 11:45 tomorrow and today we had a mercury ingress, suggesting a good move on cards.  Nifty Bulls need to close above 11376 for a move back to 11460/11520/11570. Bears will get active below 11240 for a move back to 11194/11141/11100. A high was made at 11400 so bulls got whipsawed above 11376, and bears once below 11240 hit both targets on the downside. The Astro date combined with price helped us in capturing the whole move, Now Bulls need to 11230 to be back in the game at 11290/11330/11376 . Bears will get active below 11141 for a move back to 11100/11053/10943.
  • FII sold 7.1 K contracts of Index Futures worth 724 cores, Net OI has increased by 2 K contracts, 2.5 K Long contracts were liquidated by FII and 4 K shorts were added by FII. Net FII Long to Short ratio is at 0.47, So FII used the fall to exit longs and enter shorts.

  • Total Future & Option trading volume is at 9.6  Lakh cores, with total contracts traded at 1.43 lakh, PCR @0.90
  • Nifty Oct Future Open Interest Volume is at 1.54 cores with a liquidation of 3.5 Lakh and with a decrease in the cost of carry suggesting long positions were closed today, NF Rollover cost is @11608 and closed below it. 
  • 11500 CE is having a Highest OI at 24  Lakh, resistance at 11500, followed by 11600. 11200-11700 CE added 20 Lakh in OI, so bears added positions in the range of 11500-11600.
  • 11000 PE OI@22 Lakhs having the highest OI strong support at 11200, followed by 11000. 11000-11700 PE liquidated 5.6 Lakh in OI, so bulls covered positions in the range of 11400-11600.
  • FII’s  sold 692 cores and DII’s bought 606 cores in the cash segment. INR closed at 71.10

Buy Above 11200 Tgt 11230,11270 and 11300 (Nifty Spot Levels)

Sell Below 11141 Tgt 11110,11090 and 11052 (Nifty Spot Levels)