Nifty bounces from support ares, FII data Analysis

• FII's bought 2061 contract of Index Future worth 78 cores, 13 K Long contract were added  and 10.9 K short contracts were added. So FII's are adding both long and shorts in Index Future as nifty is nearing an important support level.

Nifty continued its decline, near the support area of 7474-7485, made an intraday double bottom in range of 7490 and bounced back to close above 7500 as shown in below hourly chart, 7570 is zone of resistance on upside.As per EW short term target comes in range of 7408-7410 range.Today was option writers

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