Nifty ready for Big move, FII Data Analysis

• FII's bought 7  K contract of Index Future worth 276 cores, 2.7 K Long contract were added and 4.2 K short contracts  were squared off by FII's. Net Open Interest decreased  by 1.4 K contract , so FII are going long ans squaring off shorts in Index Futures.From start of series net on net basis  FII are holding 1.3 K Index longs and 22.1 K Index shorts. So still there bias is on downside.

Nifty did a fresh life high today @ 7922,Nifty has rallied 382  points in 8 trading session and formed a bearish engulfing pattern today, Also on hourly charts broke the channel bottom after 8 trading sessions, which gives initial target of 7800-7784. Als0 EW chart also gives the same target. This all levels get invalidated if Nifty starts trading above 7922 for 1 hour ..

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