Nifty: Up 186 points whats next...???

Nifty
CMP 11313

Nifty is up almost 200 points for the day. Where will it head next...

Lets look at today's FnO data for further cues


Derivatives data analysis
FIIs net sold 4 K contracts worth Rs 166.79 Cr

8.4 K Long contracts were squared off and 4.35K Short contracts were squared off by FIIs.

Retail clients squared off 1.95 K Long contracts and 8.86 K short contracts


On the Options front

Call Option
FIIs added 13.57 K Long contracts and also added 2.18 K Short Contracts

Retail clients squared off 1.19 Lakh Long contracts and also squared off 80.34 K Short contracts


Put option
FIIs added 8.96 K Long contracts and also added 18.92 K Short contracts

Retail clients added 2.36 Lakh Long Put contracts and also added 1.40 Lakh Short Put contract


Going forward

As can be seen from data the today's rally was mostly used to book profit in Short positions and exit from Long positions as well.


If this rally is not backed up by fresh buying then Bears might be readying themselves for fresh short selling again...

Important levels
On the lower side watch out for
11274 / 11220 / 10960

On the up side resistance can be at seen at 11322 / 11358 / 11460


Strategy

Given the chart set up (below 11460 bearish in medium term ) and data analysis prima facie Look to sell Nifty with SL at 11460 and positional target below 11000


Take care & safe trading...!!!