Nifty had a stunning Friday recovered with a swing of nearly 125 points.Still market around the kickoff zone 4730 which gets struggle again.So today a Gap up above 52 weeks high will clear the fence this time for bulls.Still I am not seeing any fresh buy,may a short covering last Friday.on Friday both FII's and DII's are net sellers.
INSTITUTIONAL ACTIVITY :: FII ( -400 cr) ::: DII (-5 cr)
- Nifty ended @ 15.25 point premium vs 6.10 discount so cost of carry increased.
- India Vix closed @32.51 vs 34.11 with -4.69 % suggest market getting stable.
- 4600 PE and 4800 Ce added more open interest.
- Nifty Put Call Ratio Open Interest @ 1.12 vs 1.22
- Except Index options FII's were net Sellers in all other counters.
- US and Europe markets closed positive
4650 Resistance broken finally on Friday which lead to massive short covering.Volatility seen more in puts than call suggest traders go for puts rather than calls.so technically we saw any change still not. Trendline giving support for 3rd time around 4580.Daily and weekly charts long negative divergence spotted suggest trade with caution on positive or long side. If we not close above 52 week high today or in coming days it will be a triple top around this area which will be favor for shorting. Today I feel it will be an important day in Indian markets to watch out.
Levels ::
Nifty fut supp @ 4625 :: Res @ 4767
Bearish > 4696 < Bullish
Happy trading !!!!
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