FII FnO Data Analysis before RBI event

• FII's sold 5 K contract of Index Future worth 3.39 cores, 11.9 K Long contract were off by FII's and 6.8 K  short contracts  were squared  off  by FII's. Net Open Interest decreased  by 18.8 K contract ,so FII's squared off both longs and shorts before the RBI event.

Nifty after bearish engulfing pattern yesterday failed to do any follow up and formed a perfect DOJI candlestick pattern before the RBI event. Nifty held on to 8751 as discussed in weekly analysis  and showed intraday rally but got sold into. Nifty is trading below its 21/34 HEMA so bull will become active only above 8840 and bear will start making move below 8750, within the range choppy mode and trending move on break of this range.

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