Nifty opened negative yesterday as expected and Recovered nearly 60 point swing due to buying in front line stocks. Market was volatile due to expiry. Rollover in September series was there with 71% marginally Down compared to last year.Nifty August series expired @ 4688 a bit closer to our estimated 4700 level. Textile,pharma and sugar sector was top runners yesterday. Tata steel produced bad result make the stock plunge at second half.Total income declined to 47%. Fm gives assurance of food grain sufficiency.Industry minister unveils new foreign trade policy and said 200 billion export target for the year 2011.FII was net sellers yesterday.
INSTITUTIONAL ACTIVITY :: FII ( -41 cr) ::: DII (+29 cr)
- Nifty ended @ 9 point discount in September series cost of carry increased.
- India Vix closed @ 34.84 vs 36.27 with -3.47% decrease suggest market getting stable
- Except Index futures FII's were net sellers in all other counters.
- US jobless claim data was bad.
- US closed positive and Europe closed negative.
Nifty was solid holding the support 4650. Nifty showing bearish divergence in hourly charts and over bought conditions are the only factor for bears technically. We are starting a new series today so positional traders are asked to watch before entering new position. Technically week closing above 4709 will take nifty to 5005 this time.Pick some good low level stocks for this run.Dow holding in the grip of bulls skipping bad data. usually September will be low volume month in US markets.Today 4691 will act as reversal level in Nifty future. Today I am expecting nifty trade flat with dry volumes.Nifty again like to consolidate in these levels for 2 days.Our yesterday's positional picks did well except ansalinfra.
Levels ::
Nifty future supp @ 4667 :: Res @ 4728.
Bearish > 4684 < Bullish
Happy trading !!!
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