Nifty Analysis & FII Data Analysis for 15 July 2014

• FIIs bought 13457 contracts of Index Future (bought 4994 long contracts and 8463 short contracts were squared off) with net OI decreasing by 3469 contracts. FIIs were net buyers today.

• FII covered some short contracts and nifty today consolidating whole time. Nifty trading at swing low and volume not support today’s fall & also nifty made a hammer candlestick pattern today which shows a bullish signal.

• Nifty retraced 61.8% of up swing 7118 to 7808 and trading at support levels around 7460 now 78.8% level comes at 7380 which act as a strong support.

• If nifty will not break support at 7460 – 7380 then possible bounce in nifty till 7600 – 7640 odd levels can’t be rules out.