Nifty opened weak as expected which gave buying opportunity and made intraday swing of more than 150 points and closed in green after 3 days fall. News about monsoon from finance minister made investor community some hope. Reliance was the dragger and leader yesterday.Pharma stocks specially Ranbaxy ran after the news about bagging order of tamiflu from Govt. Auto and sugar sector remained firm yesterday.FII's still on sell side.
INSTITUTIONAL ACTIVITY :: FII (-177 cr) ::: DII (+649 cr)
- Nifty ended in discount 60.90 cost of carry decreased.
- Put call ratio Open interest @ 0.91 vs 0.86
- India VIX closed @ 38.20 vs 38.19 suggest markets are stable
- 4400 PE and 4700 CE added more Open Interest in Nifty Option side
- DII's where strong buyers yesterday resulting 4 days of continuous buying
- US and Europe market end in negative
- Nifty likely to open flat to negative
Nifty again getting support @ 4380 which we mentioned yesterday. until nifty close below that buying will be witnessed.Nifty future formed an mini Inv Head and shoulder in hourly charts Neckline @ 4510 level. Bar closing above that on hourly charts can lead nifty all the way to 4620 -4650 level. EOD charts still on bears side. Nifty formed a spinning top candle @ EOD. Spinning top is a trend revesal candle. Traders should wait for more confirmation that the trend is changing prior to taking a short or long position. 4400 is giving solid support. ADX decline suggest sideways market. stochastic about to cross @ EOD. MACD still on bearish cross. Positional traders can stay away from markets until we get some clue.
Levels ::
Nifty Fut supp @ 4400 :: Res @ 4528
4432 - 4453 - 4475 - 4496
Bearish > 4462 < Bullish
Happy Trading !!!!!
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