Friday Market opened huge gap and failed to cross 4680 mark where it moved sideways with a huge selloff to cover the gap. After gap filling market moved up for a swing of 60 points with huge volumes suggest big bull - bear fight going on.Market in no clue again where to move further. Selling @ higher levels and buying @ dips witnessed. Still swing traders getting beaten in Index trading without clue.It index and FMCG was the two sectors which lead the market last week.
INSTITUTIONAL ACTIVITY :: FII (+582 cr) ::: DII (+316 cr)
- Nifty fut converted into discount from premium so cost of carry decreased.
- Nifty PCR Open Interest @ 0.98
- 4500 PE and 4700 CE added More Open Interest
- India Vix closed @ 39.21 vs 37.49 with 4 % change suggest Instability in mkt.
- Us closed flat and Europe closed negative on Friday.
- Indian private aviation industry opting for bailout of 10000 crores from Govt.
- FII's and DII's are Net buyers.
Technical view ::
Nifty formed an Inverted Head and shoulders in weekly charts. check the 61.8% retracement of 2008 swing high and low It will be hard toll for bulls to cross. Once its done 5000 is easily gettable. RSI 2 and MACD still in bullish zone. Weekly moving averages are aligned bullish.With 4380 as Stop try long in every correction because 4380 is acting as solid support. volume suggest nifty in accumulation.Bull spread will be better for this expiry in option side.
Levels ::
Nifty Fut Supp @ 4584 :: Res @ 4688
4610 - 4630 - 4645 - 4661
Bearish > 4632 < Bullish
Happy trading !!!!!!!!!
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