Nifty opened flat yesterday and remained positive for few hours then strong sell off came which we mentioned in yesterday's column. China tumbled yesterday nearly 4 % down on valuation and liquidity concern.Telecom and Infra sector was ok yesterday. FII's on net sell while domestic players on buy side last one week.
INSTITUTIONAL ACTIVITY :: FII (-622 cr) ::: DII (+84 cr)
- Nifty ended in discount of 8.05 vs 4.35 discount cost of carry decreased.
- Nifty Put Call Ratio Open Interest @ o.97 vs 0.98
- 4300 PE and 4500 Ce added more Open Interest
- India Vix closed @ 40.21 vs 45.04 with decrease 10.72% change suggest market in stable
- Except Index futures FII's where net buyers in all counters
- US closed positive & Europe closed flat positive
Nifty done our target 4380 yesterday with strong selloff as predicted in yesterday's column. So what to expect today? Nifty made bullish divergence on hourly chart with target of 4460. Nifty again closed above 4365 support zone. As markets is in distribution we will see lower low in coming days with some pull backs on upside. Nifty making head and shoulder pattern in hourly charts with neck line @ 4334.Key levels to watch for 4323 and 4223 in nifty future. Today it will be a volatile day.Market will range bound until smart money comes into play.
Levels ::
Nifty Fut supp @ 4314 :: Res @ 4457
4350 - 4385 - 4413 - 4437
Bearish > 4405 < Bullish
Happy Trading !!!!
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