Nifty again had a range bound session and not violated 4640 support which we mentioned here.Nifty recovered smartly at final hour session with the help of metal and auto after good sales report and closed negative after four positive sessions.Reliance broke 2030 barrier and traded @ 2050 mark.FII's are still net buyers.

INSTITUTIONAL ACTIVITY :: FII (+219 cr) ::: DII (+253 cr)

• Nifty closed in discount of 1.25 vs premium of 2.70 so cost of carry decreased
• Nifty Put call ratio Open Interest @ 1.04 suggest shorts addition
• 4600 PE and 4700 CE added more Open Interest
• India VIX closed at 36.80 vs 40.65 decreased by 3% suggest stability in Market
• US markets closed flat and Europe closed negative

Technical View ::

Profit booking witnessed @ higher levels with volumes. Buying @ dips and selling @ high will happen until it trades 4600 - 4700 range.Breaking 4600 will give near term correction this time.
I will wait for 4450 range to buy positionally again.Negative divergence seen in Intraday charts, so longers try to book profits @ higher levels or have tight stop loss.4685 is the key level to watch today in nifty future.

Levels ::

Nifty fut supp @ 4635 :: Res @ 4723

4657 - 4671 - 4686 - 4701

Bearish > 4691 < Bullish

Happy Trading !!!!!