Nifty nearing Short term top, FII data Analysis

• FII's bought 11.4 K contract of Index Future worth 451 cores, 9 K Long contract were added and 2.3 K short contracts  were squared off by FII's. Net Open Interest increased  by 6.7 K contract , so FII are going long ans squaring off shorts in Index Futures.

Nifty did a fresh life high today @ 7918,Nifty has rallied 378 points in 7 trading session and formed a DOJI pattern today suggesting indecision in Bulls and bears. As per EW we can make a short term top in next 2 days, another fact which support this as last 2 rallies also lasted between 8-10 trading sessions. Also Fibo Fan are also showing Nifty

Continue Reading