FII FnO Data Analysis for 02 May

• FII's sold 7936 contract of Index Futures worth 267 cores (963 longs were added and 8.8 K shorts were added in Index Future) with net OI increasing by 9.8 K contracts. So today's FII's continued adding shorts in Index future.

Nifty closed below its 20 DMA for 2 day in row which is bearish in short term, As discussed in last analysis  Elliot wave  give target if 6675 , Nifty made a low of 6656 and bounce back. As per latest EW analysis if 6640 is not broken we can see bounceback till

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