Below is my Interpretation of FII OI data Sheet for 01-Apr-12.
1. FII bought 7189 Contracts of NF worth 192 cores OI also decreasing by 10065 contracts.
2. As Nifty Futures was up by 17 points and OI has reduced by 100065 ,which basically means Long liquidation by FII. They are using the rise to liquidate there longs.
3. Nifty
closed above 20SMA@5291 which is bullish sign.Next important level
comes to 5319 which is 50 SMA,Nifty just closed tad below this level.
4.
I have been talking about the range of 5221-5370 NF based on Rollover
data, look at today's high on NF it is at 5272 and it reacted decisively
with 40 points quick fall.Litmus test failed at 5370. Fresh longs
should be taken above 5372 NF only.