Nifty opened gap down and took support at 4580 where we moved to new high of the week. Reliance was the top gun which shot Bears yesterday. Domestic funds accumulating reliance despite of SEP1 RIL- RNRL verdict.Short covering witnessed in more September series stock futures. Govt daily coming with good news on monsoon.IT and pharma stocks did well in yesterday's trading session. FII' finally was net sellers yesterday
INSTITUTIONAL ACTIVITY :: FII (-259 cr) ::: DII (+437 cr)
- Nifty ended in premium of 1.60 vs premium of 9.00 cost of carry increased.
- Nifty Put Call Ratio Open Interest @ 1.25 vs 1.22
- 4400 PE and 4700 CE added more Open Interest. OTM Puts have been written.
- India Vix dropped @ 48.30 vs 63.58 with decrease 24.03% change suggest market stable. but VIX was clueless for past one month
- FII's where net sellers in stock futures
- US and Europe markets closed positive
Nifty opened gap down as we mentioned in the column yesterday and took support @ 4380. Bearish divergence which we mentioned yesterday worked. So what is for today? Again Bearish divergence spotted in nifty hourly charts this time with target of 4580 . Price making higher high while indicators making lower low. Its not yesterday even its happening in small time frame suggest market moving without strength.Breakout in due for huge run in nifty this time which we mentioned in Monday's column. I am expecting that tomorrow. Reliance will lead nifty run this time either way.4656 is reversal level today watch it keenly. Nifty will open flat. Safe traders wait for nifty to expire. Trade some good stocks here.
Levels ::
Nifty fut supp @ 4605 :: Res @ 4716
4633 - 4651 - 4670 - 4688
Bearish > 4650
Positional Picks ::
COLPAL
DALMIACEM
KCPSUGIND
PRAJIND
Happy Trading !!!!
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