Nifty had a volatile session yesterday and closed negative after 5 solid bull session.Profit booking witnessed in IT and banking sector.Reliance traded Sideways along with index.Metal surges tata steel in particular went up nearly 6%.Nifty closed @ 4469 with 34 point loss. FII's where net sellers finally.so what's for today?
INSTITUTIONAL ACTIVITY :: FII (-251 cr) ::: DII (-7 cr)
- Put call ratio @ 1.14 vs 0.98
- Nifty ended @ 4.25 premium vs 7.90 premium
- Nifty closed above 50 MA (4296)
- RSI2 @ 76.19 Still above overbought zone
- FII's where net buyers of 321 cr in futures
- US markets end positive
Still we didnt achieved our falling wedge target of 4600. MACD above 0 line,RSI2 for 99 levels came to 75 levels still in overbought zone. On balance volume making a double top around 100 levels an getting resisted and not broken the trendline suggests still buyers in control. on the whole FII's where net sellers but look the money flow of them in Futures they are net buyers of 321 crores. Today nifty need to hold above 4475 for further upmove which will give 4510 and 4550 . 4430 is good support breaking that will give 4404 and 4377. People who missed long or safetraders can look for 4404 to take long. Many are for 4050 now still my charts saying buy @ dips. Many sensing for eclipse effect lets see what market gonna show us. Market will open slighty lower with a volatile session in cards. Shorting here might be a low risk trade still I prefer buy @ dips.
Heatmap of 21/7/09
Levels ::
Nifty Fut Supp @ 4404 :: Res @ 4520
Enjoy Trading
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