Nifty Analysis & FII Data Analysis for 15 July 2014
FIIs bought 13457 contracts of Index Future (bought 4994 long contracts and 8463 short contracts were squared off) with net OI decreasing by 3469 contracts. FIIs were net buyers today.
FII covered some short contracts and nifty today consolidating whole time. Nifty trading at swing low and volume not support today’s fall & also nifty made a hammer candlestick pattern today which shows a bullish signal.
Nifty retraced 61.8% of up swing 7118 to 7808 and trading at support levels around 7460 now 78.8% level comes at 7380 which act as a strong support.
If nifty will not break support at 7460 – 7380 then possible bounce in nifty till 7600 – 7640 odd levels can’t be rules out.