Nifty Rallies on a Gann Date

  • FII’s sold 14.8 K contracts of Index Futures worth 1103 cores; 5.7 K Long contracts were liquidated by FII’s and 9.1 K Short contracts were added by FII’s. Net Open Interest increased  by 3.3 K contracts, so a rise in Nifty was used by FII’s to enter longs and enter shorts in Index futures. FII’s Long to Short Ratio stands at 1.23.
  • As Discussed in Last Analysis, the 24 June High and low are very important and we should see a good move in Nifty in the next 2 days. Fresh Positional longs should be taken above 11710 for a move back to 11790/11848/11919. Bears will get active below 11650 for a move back to 11600/11555/11485.
  • A low was made today at 11651; Bulls once above 11710 rallied and hit our 1st target of 11790, now waiting for 11848/11919. Bears will get active only below today’s close of 11651. The Gann Time Cycle again helped us in capturing the bottom today.

  • Nifty June Future Open Interest Volume is at 1.33 core, with a liquidation of 23.9 Lakh and with a decrease in the cost of carry suggesting long positions were closed today, NF Rollover cost is @11954 closed above it.
  • Total Future & Option trading volume is at 11.57 Lakh core, with total contracts traded at 1.09 lakh, PCR @0.90
  • 12000 CE  is having a Highest OI at 39.2 Lakh, resistance at 12000, followed by 12100. 11000-11800 CE added 14.4 Lakh in OI, so bears added positions in the range of 11800-12000. FII bought 3.6 K CE longs and 1 K shorted CE were covered by them. Retail sold 71.3 K CE and 43.8 K shorted CE were covered by them.
  • 11700 PE OI@28.5 Lakhs having the highest OI strong support at 11700 followed by 11600. 11000-11700 PE liquidated 6.7 Lakh in OI so bulls covered positions in the range of 11600-11700. FII sold 4.7 K PE long and 517 shorted PE were covered by them. Retail bought 134 K PE and 79.5 K PE were shorted by them.

Buy above 11815 Tgt 11840,11867 and 11896 (Nifty Spot Levels)

Sell below 11777 Tgt 11754,11733 and 11710 (Nifty Spot Levels)