Nifty opened positive on global cues yesterday followed by swing move on both sideways then remain subdued. Buying witnessed in some frontline stocks. Reliance made a major fall yesterday making the index to close near days low.Nifty closed with a loss of 24 points and below 4600 mark.FII's again net sellers. Gold finally zoomed to our 1000$ target. A close above 1000$ can target 1250$ in near term. so gold looks good investment here.
INSTITUTIONAL ACTIVITY :: FII ( -73 cr) ::: DII (+382 cr)
- Nifty ended @ 6.10 discount vs 6.10 point premium so cost of carry decreased.
- India Vix closed @ 34.11 vs 34.96 with -2.43 % suggest market getting stable.
- 4500 PE and 4700 Ce added more open interest and both are highest traded volumes yesterday.
- Nifty Put Call Ratio Open Interest @ 1.09 vs 1.23
- Except Index futures FII's were net Sellers in all other counters for the third day.
- LIC going to invest 1 trillion in coming fiscal year
- US and Europe markets closed positive
Yesterday mentioned about head and shoulder pattern for 4580 target,though target has been done its a failed pattern .yesterday volume is very dry. 4650 looking solid resistance for past two days.Until 4681 takes out its short @ rise. Finally MACD @ EOD charts came to sell side. Nifty forming a falling wedge pattern in this fall,with breakout line @ 4610.As said in yesterday's column nifty still getting support from trendline.So again in investors perspective stay light with ur positions. 4561 and 4681 or important levels to watch.
Levels ::
Nifty fut supp @ 4539 :: Res @ 4621
Bearish > 4593 < Bullish
Happy trading !!!!
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