EOD FII data is to find the FII trend. Till now I have not thought to sell high and buy low in every trend.
Since the trend gives benefit to the person who joins trend for more days, we can only enter with positional nifty option trade with 10% of our money or Rs.10,000 (whichever is less).
This FII trend must be kept in mind during Intraday trading. If it is UP then buy low and sell high but avoid short. If it is Down then sell high and buy low but avoid long. This way we can expect new high in Up trend and new low in down trend as well as we can avoid risky intraday trade against the major trend.
During FII trend consolidation periods, check PCR OI data and strictly follow 10min., 1hour, 4hour charts with TA for intraday trading.
Candle type & trend of Yearly, half yearly, quarterly, monthly, weekly, daily helps to take the positional trade. Professional trader do not enter in a intermediate levels, they enter either at supply/resistance to sell or at demand/support to buy or wait for opportunity.
If you are thinking that you missed to enter the trend, then it is also important to think that you missed to trade this type of biggest opportunities in last 3 months: Infy fall of 13%, TCS rise of 13%, ITC rise, 23 Feb Nifty put rs.2 to 39 intraday, etc.
According to FII data, we should not re-enter in a trade according to our mood but we should catch the price action level for re-entry, probably after some consolidation or correction in a down trend. At this time, put prices are already high compare to call, so entering a positional trade requires some more thinking.
What are you considering to trade? Nifty Future or Nifty Options? If you want to trade Nifty Future then this is my major trend forecast just for you: Sell Nifty Future at 5090, stop loss 5690, target 3350 before April-2013, no need to check anything till than.
Weekly EMA5 Nifty trend, PCR OI, Nifty Future Hourly Volume according to Red/Green candle size, etc. to be given high priority with FII data.
Will explain some more points as it comes to me.