Nifty opened huge gap on strong global cues and remained sideways until afternoon and made a days high of 4504 and gave up its upmove by strong selling @ final hours. Auto , Infra , Bank stocks was major movers yesterday . Chinese markets where positive yesterday which led markets rally globally. Some Positive news came about monsoon takes investor community some hope. FII's still on Sell side and they are reducing their sell position .
INSTITUTIONAL ACTIVITY :: FII (-438 cr) ::: DII (+489 cr)
- Nifty ended in premium of 2.60 vs 8.05 discount cost of carry increased.
- Nifty Put Call Ratio Open Interest @ 1 vs o.97
- 4300 PE and 4500 CE added more Open Interest
- India Vix closed @ 36.83 vs 40.21 with decrease 8.41% change suggest market in stable
- US & Europe markets closed positive
Nifty done Positive divergence Target which we mentioned yesterday and made a high of 4504. Shorts will get covered once it close above 4515. Markets in neutral position positionally. It need to close below 4380 or 4520. As mentioned yesterday markets will be range bound in distribution phase.Shorts getting covered. So today nifty on downside breaking 4440 will give 4422/4385 and upside breaking 4467 will give 4497/4515. Market likely to open Gap down.Bearish divergence spotted in nifty 5 minutes. still its clueless market with low volumes. 4350 acting solid support.
Levels ::
Nifty fut Supp @ 4420 :: Res @ 4491
4441 - 4458 - 4470 - 4492
Bearish > 4467 < Bullish
Positional Picks ::
Sarapoly
Viseshinfo
Zylog (1 month)
Happy trading !!!
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