Nifty opened negative yesterday and remained subdued i.e not moved more that 35 points until 2.30 then a big sell off gave swing of nearly 70 points and closed 1% down after 11 strong solid session. Market participants stay cautious ahead of FED meet yesterday where it left the key bank lending rate unchanged. Dow tumbled @ close after FED's announcement. Profit booking witnessed in Front liners. Advances: 10 Declines: 40 in Nifty 50 stocks suggest profit booking @ higher levels taking place.Institutional players are net buyers yesterday.
INSTITUTIONAL ACTIVITY :: FII ( +1749cr) ::: DII (+500 cr)
Nifty View ::
Yesterday Option data clue getting confirmed expiry below 5000. Again a final hour sell off with huge volumes happened. Traders are cautious on higher side and not participating suggest correction on its way.on the other still smart money from Institutional investors is buying . PCR ratio decreased to 1.68 vs 1.77. Nifty closed in discount with increase in open interest.Nifty formed a head and shoulder pattern yesterday in 5 min charts gave good move.For me market still not in short mode. Expiry close will give some idea.4920 is good support level breaking that will lead all the way to 4880.Safe traders can look for positions from tomorrow. use these dips to buy some FMCG stocks it will be a runner this month.
INSTITUTIONAL ACTIVITY :: FII ( +1749cr) ::: DII (+500 cr)
Nifty View ::
Yesterday Option data clue getting confirmed expiry below 5000. Again a final hour sell off with huge volumes happened. Traders are cautious on higher side and not participating suggest correction on its way.on the other still smart money from Institutional investors is buying . PCR ratio decreased to 1.68 vs 1.77. Nifty closed in discount with increase in open interest.Nifty formed a head and shoulder pattern yesterday in 5 min charts gave good move.For me market still not in short mode. Expiry close will give some idea.4920 is good support level breaking that will lead all the way to 4880.Safe traders can look for positions from tomorrow. use these dips to buy some FMCG stocks it will be a runner this month.
Positional Picks ::
BUY APIL @ 545 SL 532 (closing basis ) TGT 600 - 615
Happy trading !!!
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