AUTOMATED TRADING

AUTOMATED TRADING

24 May 2012

NIFTY VIEWS FOR 25 MAY 2012



 The markets gave a robust  punch to bears and in a single move it closed above 4900 today with banking and oil & gas leading the rally. Technology, metal and auto stocks, too, closed with significant gains. FMCG and consumer durables were the only two sectors that closed with moderate gains. The Sensex closed at 16222, up 274 points from its previous close, and the Nifty shut shop at 4921, up 86 points. The market breadth was positive with advances at 892 against declines of 512 on the NSE. The top Nifty gainers were ONGC, BHARTI AIRTEL, AND BANK OF BARODA. Nifty 4900 put added 1873300 shares in open interest and 4900 call decreased 403950 shares from open interest. 4800 call decreased 1140700 shares from open interest. As Nifty future up by 98 points with addition in open interest in 4800 and 4900 put indicating that market is not ready to go below 4900 level further. As i have indicated in morning that price hike in petrol will give bullish indication for our market, while maximum analyst were bearish with this news.
Market tested 4800 2 times and jump back from there. But it need more confirmation for bull rally. It must should close above 4935-4960 level. If market close above 4960 tomorrow it will confirm a bullish rally ahead till 5100 level further in very short term. today FII sold 660 crores in derivative segment indicates that they have covered only shorts. They dont have any fresh buying. 
Is the market have made bottom around 4800 level ?
As per wave theory it has made bottom here. Any close above 5100 this time B wave will take bulls upto 5900-6000 level in two or three months.
If nifty close above this time 4960 truck load with nifty for theshort term  target of 5170 and long term target of 5900.
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