Nifty & FII Data Analysis for 18 July 2014

• FIIs bought 13636 contracts of Index Future (bought 6553 long contracts and 7083 short contracts were squared off) with net OI decreasing by 530 contracts. FIIs were net buyers today.
• Slowly FII started buying and also covered some short contracts which are a good positive sign. Nifty unable to cross resistance of 7660 as suggested in last write up and made high of 7655.65 If once nifty cross this level then upside 7700 – 7740 levels are on cards.
• Nifty has able to close and sustain above 7585 resistance level which will act as a strong support in nifty now. There will be a big move expected in coming days.
• Tomorrow is a weekly closing and bulls are trying to close above 7700 and bears will try to close below 7590.