Nifty made 52 week high again and closed week above 4700 for the first time.Markets on Friday fell on morning session and recovered afternoon by making new high of 4750.Nifty ended with 200 points gain for the week.GDP data release today which will remain as key factor from here on. Realty was the runner for last week.
INSTITUTIONAL ACTIVITY :: FII ( +554 cr) ::: DII (+5 cr)
- Nifty ended @ 5.45 point premium so cost of carry increased.
- India Vix closed @ 33.27 vs 34.84 with -4.51% decrease suggest market getting stable
- 4500 PE and 4900 Ce added more open interest
- Nifty Put Call Ratio Open Interest @ 1.2 vs 1.37
- Except Index options and stock options FII's were net sellers in all other counters.
- Us markets closed negative after 8 straight positive sessions and Europe closed negative.
Nifty touched 4750 mark finally. Here 4790 is ab next reversal level. Weekly charts made an bullish engulf candle which is positive and bollinger coming in suggest we will consolidate this week.I have marked those type of pattern on previous occasions.option data suggest 4500 and 4900 is the area of trade. Bears are favored only by bearish divergence and RSI 2 @ Over bought level.Those who missed the long can wait for a correction or a close above 4790 for 5005 target.Pick some good stocks @ this level.
Levels ::
Nifty fut supp @ 4676 :: Res @ 4798
Bearish > 4730 < Bullish
Positional Picks ::
ACC
Sintex
Neyveli Lignite
Happy Trading !!!!
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