The Sensex closed at 17199, down 44 points from its previous close, and the Nifty shut shop at 5227, down 17 points. The CNX Midcap index closed with 0.6% loss while the BSE smallcap index was down 0.3% in today's trade. The market breadth was negative with advances at 544 against declines of 884 on the NSE. As I told you in my previous post that there was distribution between put writers and call writers and market can be violent any time. Today's data is similar like yesterday, but chart pattern is different from yesterday. Slow stochastic indicator has fallen very sharply which is creating doubt for down move. Rate of change (Roc) indicator indicating that there is changing in rate positive side. 5200 PE added 563450 contracts in OI and 5300 CE added 909100 contracts in open interest. 5400 CE also added 683900 contracts. There is still a distributed views on nifty. Today Call writing figure is grater than put writing figure. nifty future premium increased from 18 points to 24 points.
Nifty took support continue 2 days around 5200 level and it is moving in very tight range 5190-5340 now. Data is not suggesting anything clear, but chart is suggesting A minor up move is due up to 5330-5340 levels. Any 2 consecutive close above 5340 nifty may kiss to 5500-5600 level. Only intraday trading is advisable till 5340 level.
