FII F&O Data analysis for 10 Jan trade in Nifty future

Below is my Interpretation of FII OI data Sheet for 9-Jan-11.


1. FII bought   4359  Contracts in NF worth 107.69 Cores in Index Futures with Open Interest decreasing  by 13454 contracts.
2. As NF  was down by 9 points and OI has reduced today, with fall in price so FII have used the morning dips to cover there shorts. On Friday 11 Lakh NF was shorted at 4804 so some might have got covered today in morning dip.
3. From past 4  trading days have been  quiet irritating and frustrating to most of traders as it was just trading in tight range of 4692-4800 and not showing any trending move. Directional call and positional traders SL gets hit on both side in such marekts.
4. Nifty is forming a contracting triangle on hourly charts both on upside and downside. Resistance are coming down 4775 and support are coming up 4705 which means breakout is soon on cards but when it will be is million dollar question. Will Infy be the trigger ?
5. Technically today is fifth  close above 20 SMA@...

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