Nifty opened negative and traded negative until IIP data, IIP data beat the street expectation.But market skipped IIP data and made days low . Later nifty took support @ 4350 and recovered more than 120 points to days high and closed near days high yesterday.Realty sector zoomed on final hour.Front line counters like RELIANCE,ONGC helped for the late hour recovery.Textile,Hotel,Realty where top sectors yesterday. FII's still on sell side.
INSTITUTIONAL ACTIVITY :: FII (-505 cr) ::: DII (+191 cr)
- Nifty ended in premium of 2.50 vs 6.90 discount cost of carry increased
- Nifty Put Call Ratio @ 0.92 vs 0.91
- India VIX closed @ 42.52 vs 38.20 with increase of 11.31 suggest instability in market
- 4400PE and 4700CE added more Open Interest in nifty option side
- DII's are net buyers for 4th day
- U.S. Federal Reserve resolved to keep the key interest rates unchanged, at 0 to 0.25%
- Us and Europe markets closed positive
As said in yesterday's column until nifty close below 4380 buying will be witnessed.Yesterday's Inv H&S failed when nifty gapped down.Bullish divergence witnessed in Nifty hourly charts for target of 4556 in nifty future.Nifty still closing above weekly support of 4384. 4405 is the level to watch in nifty future today.Tatasteel is a good pick around current levels with support of 420.
Levels ::
Nifty Fut Supp @ 4392 :: Res @ 4528
4426 - 4448 - 4471 - 4493
Bearish > 4464 < Bullish
Happy Trading !!!!
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