LAST DAY SNAP SHOT:-
The markets closed with moderate declines last days and barring consumer durables, all sectoral indices closed negative. Banking, power, metal and realty were the worst performers in today's session and auto and IT, too, lost significantly. The Sensex closed at 16882, down 90 points from its previous close, and the Nifty shut shop at 5115, down 31 points. The CNX Midcap index was down 0.2% while the The market breadth was positive with advances at 754 against declines of 677 on the NSE. The top Nifty gainers were Crain India, GAIL, RIL and Ambuja cement while the biggest losers included Hereo MOto corp, Siemens, Grasim and Cipla.
CURRENT TECHNICAL SITUATION
FIIs sold nifty future worth rs 72.48 cr Nifty future down by 36 points and open interest increased by 2.09% indicating shorts have been entered in last session.
Nifty 5200 call which has highest open interest through out the whole months added 2057,000 shares in open interest,Nifty 5200 put added 415,150 shares in open interest. Nifty july 5200 call also added 354650 shares in open interest. These all option data indicating that 5200 call has been written yesterday.
As per Nifty charts analysis it has given closing at 8 days EMA with RSI indicator falling down indicating down move.Any close below 5090 bears will be upper hand.On weekly charts it has formed two consecutive red candlestick pattern and market closed near 20 Day moving averages. At current situation shorting strategy in nifty will be better.
I highly expect that nifty is coming down to 5030-4990.
SHORT NIFTY AT CURRENT MARKET PRICE WITH STOP LOSS AT 5133 ON THE CLOSING BASIS AND BOOK PROFIT ACCORDING TO YOUR APPETITE.
GOOD LUCK
