Nifty Ready For A Big Move

  • FII’s bought 3.7 K contract of Index Future worth 316 cores 6.5 K Long contract were added by FII’s and 2.8 K  Short contracts were added by FII’s. Net Open Interest increased  by 9.3 K contract, so fall 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 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 Bulls and Bears again got whipsawed for 2 day in a row, These Kind of move test the discipline and patience of traders and it help you to become mentally strong. 24 June High and low are very important and we should see a good move in Nifty in next 2 days. Fresh Positional long 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.

  • Nifty June Future Open Interest Volume is at 1.56 core with liquidation of 11.4 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 8.03 Lakh core with total contract traded at 1.09 lakh , PCR @0.93
  • 12000 CE  is having Highest OI  at 39.2 Lakh, resistance at 12000 followed by 12100 .11000-11800 CE added 14.4 Lakh in OI so bears added position in range of 11800-12000. FII bought 4.9 K CE long and 4.1 K CE were shorted by them. Retail bought 86.5 K CE and 54.6 K CE were shorted 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 position in range 11600-11700. FII bought 3.8 K PE long and 5.7 K PE were shorted by them. Retail bought 46.2 K PE and 34.3 K PE were shorted by them.

Buy above 11710 Tgt 11745,11777 and 11800 (Nifty Spot Levels)

Sell below 11650 Tgt 11625,11600 and 11570 (Nifty Spot Levels)