Nifty opened gap up ahead of global cues and traded flat until afternoon, Later volumes picked up in front line counters which surged Nifty Index to cross 4700 mark high of 14 month.People asking nifty running hard without any dip,if its so why you scratching for nifty there are many other stocks to trade. Caution need to trade in Nifty,this rally remind me JAN 2008. Anyway lets see what market gonna show us. World economy is easing. FII are net buyers for past 3 days.
INSTITUTIONAL ACTIVITY :: FII (+347 cr) ::: DII (+61 cr)
- Nifty closed in premium 2.70 vs 0.40 Discount on Monday so cost of carry increased
- Nifty Put Call ratio Open Interest @ 0.99
- FII's Net sellers in Index Options
- India Vix closed @ 40.65 vs 39.21 with 3.65% change suggest instability in market
- US/Europe markets closed Positive
- 4400 PE and 4700 CE added more Open Interest
Nifty Momentum and trend is up. Intra charts Price moving higher high though not the oscillators suggesting longs need to caution. The Pit stop for bulls @ 4795 level crossing that all set for 5000.Nifty forming a rising wedge pattern and MACD a bearish Divergence spotted though still crossover need to be confirmed for top. So its alarming Longs be caution or skip nifty and trade some stocks with addition Nifty in Huge Overbought zone where 3 - 4 % correction will be good for 5000 or else its again a JAN 2008 in progress.ADX slightly turning upside which says bulls are stronger. Today above 4738 it will give 4768 and 4797 and below 4703 it will give 4686 and 4645.Reliance above 2030 15% upmove we can expect.Any longs trying here should have tight Stoploss @ 4670
Levels ::
Nifty Fut Supp @ 4649 :: Res @ 4778
4681 - 4703 - 4724 - 4746
Bearish > 4664 < Bullish
Happy Trading !!!!
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