Nifty Ready For Big Move

  • As Discussed in Last Analysis; Nifty Bulls need to close above 11390 for a move back to 11444/11500/11570. Bears will get active below 11300 for a move back to 11240/11180.  Bears were able to reach 11257 only. We have the RBI Policy outcome set to be out 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
  • FII sold 12.8 contracts of Index Futures worth 1062 cores, Net OI has increased by 4.9 K contracts, 3.9 K Long contracts were liquidated by FII and 8.8 K shorts were added by FII. Net FII Long to Short ratio is at 0.51, So FII used the fall to exit longs and enter shorts.

  • Total Future & Option trading volume is at 27 Lakh cores, with total contracts traded at 1.43 lakh, PCR @0.70.
  • Nifty Oct Futures Open Interest Volume is at 1.54 core, with the addition of 7.8 Lakh and with an increase in the cost of carry suggesting long positions were added today, NF Rollover cost is @11608 and closed below it. 
  • 11500 CE is having a Highest OI at 22.3 Lakh, resistance at 11500, followed by 11600. 11200-11700 CE added 11.6 Lakh in OI, so bears added positions in the range of 11500-11600.
  • 11000 PE OI is @22 Lakhs, having the highest OI strong support at 11200, followed by 11000. 11000-11700 PE added 8.8 Lakh in OI, so bulls added positions in the range of 11400-11600.
  • FIIs sold 810 cores and DIIs bought 862 cores in the cash segment. INR closed at 71.03

Buy Above 11333 Tgt 11350,11370 and 11400 (Nifty Spot Levels)

Sell Below 11300 Tgt 11270,11230 and 11190 (Nifty Spot Levels)