Nifty opened gap down yesterday followed by smart recovery skipping global markets and remained clueless where to go further. Investors are still away from the market thinking markets look pricey around these levels. IT stocks and FMCG was good in yesterday's trading session. Market taking cues from both US and China, with China as more advantage. FII's again net sellers even more.Chinese sovereign wealth fund dumping dollars for strategic investments like gold.As a result the Chinese government seems to be doing its utmost in trying to persuade the Chinese public to buy gold and silver by relaxing the restrictions - it’s now easier to buy precious metals in China than in the U.S. If this continues the likelihood is that China will permanently overtake India as the world’s biggest buyer of gold and silver, while the country’s store of wealth will help shield it against further western economic collapse. The way Gold moved yesterday suggest fall in equity markets around globe going to continue.Its a bull season for Gold which will target $1000 this time.
INSTITUTIONAL ACTIVITY :: FII ( -688cr) ::: DII (+74 cr)
- Nifty ended @ 6.10 premium vs 2 point discount so cost of carry increased.
- India Vix closed @ 34.96 vs 34.98 with 0.06 % decrease suggest market getting stable.
- 4500 PE and 4800 Ce added more open interest
- Nifty Put Call Ratio Open Interest @ 1.23 vs 1.18
- Except Index futures FII's were net Sellers in all other counters.
- Market turnover was marginally down compared to last two days.
- US and Europe markets closed negative.
Nifty had no technical change except some intra day patterns. Nifty formed a Head and shoulder pattern in 5 min for a target of 4580.NIfty EOD still holding its Trendline support which comes around 4532.MACD still above zero line.ADX was trendless for last 35 trading session suggest big move coming.Levels to watch is 4681 until that shorts will be added atleast for intra. Investors are asked to go for light positions until we get some clue.
Levels ::
Nifty Fut Supp @ 4565 :: Res @ 4665
Bearish > 4622 < Bullish
Happy trading !!!!!
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