Market opened flat yesterday despite of good IIP numbers. Most of the Asian markets shut down yesterday.Bank index closed Negative where IT index closed marginally up. Bharti was the top loser in Nifty 50 stock where it ended 9% down on concerns of the company’s $10.7 billion offer for Kuwaiti Zain’s African assets could strain its finances and which doesn't looks a good deal for short term. Nifty advance decline was in favor of bear on a total of 1301 stocks in Nifty 435 advanced and 866 declined. Lets see what could be the technical trigger for the day.
Nifty Formed a Flag pattern on Daily charts still its on the same pattern with Breakout level now @ 4786. Nifty keep on resisted @ 61.8 Fibo level 4830 (november low to Jan high) and struggling to close above that for last 4 trading session. Only hope for bulls is +ve Divergence of daily chart. On Option side 4800 PE and CE are most active.Option data suggest there could be a strong 150 point move in index in coming days either side.Today Important levels to watch on upside is 4812 where it move until 4835 and 4859, on downside it is 4786 where it will move until 4758 where strong support for the day pegs in breaching that could witness massive sell off in index until 4687 which is the final hope for positional Big bulls. HCL tech,Polaris,JSW steel with small caps AP paper,camlin,SREI infra looks good for the day.
Nifty Future Breakout levels :: 4768 & 4831
Happy trading !!!!!!!
Jay
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