Clearly mentioned in yesterday's column try to book profits at higher level it happened with index falling huge @ late hours due to heavy profit booking.Investors community are waiting for injext their money @ 3 - 5 % correction level from here. Yesterday indicated that FII's on sell so caution need on Long again they them-self proved.One more reason is Dollar likely to bottom out so they will be on sell side rather buy. Another trigger for yesterday's sell off is due to report on Monsoon says that it could take GDP lower than expected.
INSTITUTIONAL ACTIVITY :: FII (-371 cr) ::: DII (257 cr)
- Nifty closed in huge discount of 7.25 vs premium of 11.10 cost of carry decreased
- PCR Open Interest @ 1.06 vs 0.98
- 4600 PE and 4700 CE added more open Interest
- India VIX closed at 37.65 vs 36.70 increased by 2.59% suggest instability
- FII's net buyers in stock futures
- US markets closed negative
ADX suggested profit booking @ higher level which we mentioned yesterday. Nifty closed below 4603 which opened gate for correction upto 50 MA where it lies @ 4412 level.Any big down move only below that until that I will be a buyer with stop 4400.MACD/ on the verge of crossover but still not if it crossed Negative Divergence confirmed. ADX +DI finally below trendline. CCI getting supported @ that line in charts. Investors can wait for 4450 levels if it holds can buy . 4550 Important level to watch today.
Levels ::
Nifty Fut Supp @ 4480 :: Res @ 4676
4530-4561-4594-4627
Bearish > 4661 < Bullish
Happy trading !!!!!!!!!!
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