Nifty opened huge gap up yesterday on strong global and never gave up 4500.New Tax code proposal which mentioned scrub of STT made positive among Investors. Reliance Opened huge gap up yesterday and not supported markets @ morning session later it joined and gave new high.Fresh buying seen @ markets. FII finally starting their new innings.
INSTITUTIONAL ACTIVITY :: FII (+631 cr) ::: DII (+183 cr)
- Nifty ended in premium of 6.10 vs 2.50 premium cost of carry increased
- Nifty Put Call Ratio Open Interest @ 1.03 vs 0.92
- Nifty 4300 PE and 4700 CE added more Open Interest
- India Vix closed @ 42.80 vs 42.52 suggest unstable market
- Except Index option FII's where net buyers in all segment
- US and Europe markets closed positive
Until nifty close below weekly support 4384 its a buying opportunity is what we mentioned in previous columns. Nifty opened straight above 4500 and never gave up that yesterday. Nifty done our 4560 target of bullish divergence which we mentioned yesterday.Short covering seen @ higher levels and small buying too seen . FII's again proved they are the kings. So is it a reversal for 5000 this time? lets see. Global markets giving support for bulls. New Tax proposal, Good IIP data, FED's words about recession bottoming made investors community a boost. So Technically we will see now .In EOD charts Slow stochastic made a cross over . +DI above - DI in ADX. Nifty finally closed above 20 MA. Guppy MA made a golden cross yesterday suggesting shorts have been covered,whenever golden cross appear it could be trend reversal. But what lacks here is volumes. Dry volumes suggest still no aggressive buying seen this may be due to Monsoon concern. If volumes picks from here on next landing will be @ 5000 this time. Short term traders can try some good stock picks here. My picks will be Tata Motors, Kotak Bank,GVK power ,Indowind,BGR energy.
Levels ::
Nifty Fut Supp @ 4552 :: Res @ 4670
4581 - 4602 - 4620 - 4640
Bearish > 4570 < Bullish
Happy trading !!!!!!!!!!
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