Nifty Rallying And Holding Gann Angle

  • FII’s bought 5.8 K contracts of Index Futures worth 572 cores; 274 Long contracts were covered by FII’s and 6.1 K Short contracts were covered by FII’s. Net Open Interest decreased  by 6.4 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 is at 0.94.
  • Nifty bulls again got whipsawed but held on to gann angle. We have an important time cycle date tomorrow and Weekly Expiry. Bulls will become active above 11520 for a move towards 11568/11610/11666. Bears will become active below 11460 for a move back to 11410/11350. A low was made at 11519, and once above 11520 we hit our 2  targets of 11568 and 11600. Till we are holding 11520 we can rally towards 11666/11720. Big Resistance in the zone of 11730-11743. Bears will become active below 11512 for a move back to 11461//11410. As per time cycle break of today highs and lows can easily give 75-100 points.

  • Nifty July Future Open Interest Volume is at 1.75 core, with a liquidation of 10 Lakh and with a decrease in the cost of carry suggesting long positions were closed today, NF Rollover cost is @11841 and closed below it.
  • Total Future & Option trading volume is at 19.43 Lakh core with total contracts traded at 1.03 lakh, PCR @0.95
  • 12000 CE  is having a Highest OI at 32.3 Lakh, resistance at 11800 followed by 12000. 11500-12000 CE liquidated 4.3  Lakh in OI so bears covered positions in the range of 11800-12000.
  • 11500 PE OI@17.1 Lakhs is having the highest OI strong support at 11500, followed by 11400. 11000-11700 PE liquidated 2.2 Lakh in OI so bulls covered positions in the range of 11500-11600.

Buy above 11600 Tgt 11622,11649 and 11676 (Nifty Spot Levels)

Sell below 11565 Tgt 11541,11515 and 11485 (Nifty Spot Levels)