The markets recovered in the last half-an-hour to close with only moderate losses. Auto was the biggest laggard in today's session and banking, consumer durables and capital goods, too, lost significantly. Realty, IT and tech supported the indices well. The Sensex closed at 16219, down 94 points from its previous close, and the Nifty shut shop at 4924, down 26 points. The CNX Midcap index was up 0.2% while the BSE SMALLCAP index lost 0.6% in today's trade. The market breadth was negative with advances at 623 against declines of 820 on the NSE. Nifty hihest open interest in june series is in 4500 put and 5000 calls. As per Eod charts nifty is trading in increasing channel with down side trend line support at 4880. Any break of this downside channel/ trend line we may see a panic selling up to previous low 4788-4530. Upside further at 20 dma which is currently now at 4973 will face strong resistance. any close above 20 dma 4973 this time nifty expected to touch upper channel around 5070 level. Need to be cautious at 4880 and 4973 level. Tomorrow it will be confirmed. AS per roc indicator until unless it is above 0 will favor for bull will favor for bulls. We have seen highest open interest in Bank nifty in past 2 years indicating a big move in coming months either up side or down side will be confirmed in few session.click on chart for larger view.
