Nifty opened positive yesterday ahead of global cues and crossed 4700 mark again reaching a high of 4747 with dry volumes. Later market tumbled on weaker opening of Europe markets.Sugar and auto sector did well yesterday. Sugar sector performing well on strong demand.FII's again on net sellers with strong sell on stock futures for second day. Domestic institutions are Buyers.
INSTITUTIONAL ACTIVITY :: FII ( -636 cr) ::: DII (+367 cr)
- Nifty ended @ 2 point discount vs 11.80 premium so cost of carry decreased.
- India Vix closed @ 34.98 vs 34.51 with 1.36% increase suggest market getting unstable
- 4600 PE and 4800 Ce added more open interest
- Nifty Put Call Ratio Open Interest @ 1.18 vs 1.24
- Except Stock futures FII's were net buyers in all other counters for second day.
- Ford Motor plunged after reporting a 17% gain in total August sales
- US and Europe markets closed negative.
Nifty achieved our invert head & shoulder pattern target 4730 which we mentioned yesterday.Nifty gave a good hint to book profits @ higher levels yesterday when indicators are not making high with price. Volume is dry @ up move. Volume pattern remembering me 6/8/09 where nifty fall from 4730 - 4350 on hourly charts. so what EOD charts saying? EOD still in no clue. With MACD still above zero line,Sideways ADX, RSI2 Nearing Oversold zone.RSI trendline @ EOD charts suggest some more room to fall,breaking that will be BAD. Today market will open Negative will fill the gap which we mentioned in chart.
Levels ::
Nifty Fut supp @ 4540 :: Res @ 4706
Bearish > 4616 < Bullish
Happy trading !!!!
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