Nifty forms Hanging man,FII Data Analysis

• FII’s sold 25.1 K contract of Index Futures worth 960 cores (3.5 K longs were added and 28.7 K shorts were added in Index Future) with net OI increasing by 32.3 K contracts.FII’s went aggressively short in index futures.

• Nifty has formed  Hanging man bearish candlestick pattern on Daily  charts, Pattern gets activated below 7580 for targets 7474. Close above  7683 negates this  As per Elliot wave we can go till 7700-7720 but closing above 7700 looks little difficult and pullback can come from that range. Any close below 7570 only will give short term reversal. Also the Bulls power indicator on daily chart has started giving negative divergences so longs need to take extra precaution.

• Nifty Future May Open Interest Volume is at 1.60 cores with addition of of 9.2 lakhs in Open Interest, suggesting long addition.

• Total Future & Option trading volume at 1.77 lakh core with total contract traded at 2.6 lakh.PCR @0.87

• 7800 Nifty CE is having highest OI at 43.1 lakhs  and 7500 CE having second highest OI even though nifty is trading 150 points above warrants caution at highs, 7700 remains the strong resistance of the market. FII’s bought 6.8 K CE longs and 14.2 K CE were shorted by them.

• 7500 PE OI at 45.5 lakh remains a strong support from start of series, 7600 PE added 2.4 lakhs suggesting support at 7600 for tommrow .FII’s bought 9.9 K PE longs and 7.5 K PE were shorted by them.

• FIIs bought 682 cores in Equity and DII sold 1215 cores in cash segment.INR closed above 59.29.

• Nifty Futures Trend Deciding level is 7633 (For Intraday Traders). NF Trend Changer Level (Positional Traders) 7442 and BNF Trend Changer Level (Positional Traders) 15276 .How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level . 

• Buy above 7670 Tgt 7681,7707 and 7720(Nifty Spot Levels)

  Sell below 7640 Tgt 7622, 7580 and 7550 (Nifty Spot Levels)