Market yesterday opened on high note with global cues and strong till noon where profit booking lays in and eroded all gains which index gained in morning session. Short term traders continued booking profits. our support given in yesterday's column was breached.Results of front liners beat street expectation. BHEL and HDFC gavc good Q1 results of more than 20% rise.Tech mahindra,IFCI,Hind zinc have declined Q1.Profit booking keenly seen in IT stocks. Except Index option FII's where net sellers in all future counters.
INSTITUTIONAL ACTIVITY :: FII (+67 cr) ::: DII (-225 cr)
- Nifty ended 6.25 premium vs 4.25 premium suggest increase in cost of carry
- Nifty Put call ratio Open Interest @ 1.22
- 4300 PE and 4600 CE added More Open Interest
- VIX closed @ 37.14 vs 36.59 increased by 1.50% suggest instability in markets
- Us markets closed negative. Morgan Stanley earnings was not good.
- Results of eBay as well as Initial jobless claim data today in US. so wall street will watch it carefully followed by world markets.
Nifty missed falling wedge target of 4600 roughly of 30 points. Bearish divergence spotted Nifty hourly charts .Guppy moving average suggest that its traders who are booking profits not the investors. so until 4227 takes I will stand with my views. MACD not crossed below zero . Finally RSI2 came from Overbought level. Sensex need to hold 14000 which will again start a fresh rally. As expiry ahead market will be volatile.50% retracement @ 4330 level. Today watch for 4430 on upper side and 4305 on down side. Trading above 4430 will give 4482 and trading below 4333 will give 4305. Overall Market may witness range bound . so lets see.
Levels ::
Nifty Fut supp @ 4305 :: Res @ 4482
Bearish > 4484 < Bullish
Happy trading.
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