LAST DAY SNAP SHOT
The markets made robust gains today with all sectoral indices closing in the green. Realty, power, banking and capital goods were the best performers in today's session and metal, consumer durables and auto, too, closed with substantial upside. The Sensex closed at 17144, up 304 points from its previous close, and the Nifty shut shop at 5200, up 100 points.
CURRENT TECHNICAL SITUATION
A bullish gap up candlestick pattern has formed on nifty EOD charts indicating bullish indication for near term. As per slow stochastic indicator it was in over sold level and rising from lower level indicates trend reversal and stock may rise in near future. It has moved above 15 day Simple Moving Average after 12 days and it has hit two week high today.
As per Relative Strength Indicator (RSI), it was in over sold level. However, recent rise in price indicates trend reversal and stock may rise in near future.
Nifty 5200 put added 1031550 shares highest open interest today. Market has rise by 99 points and 5200 put price decreased by 51.30 points and open interest added 1 million indicating that 5200 put has been written. Nifty highest open interest on put side is in 5000 put and 5400 call has highest open interest Indicating that 5000 level will be act as strong and trend decider support. ON the up side 5400 open interest indicating near strong resistance.
So it is clear that market will move between 5000 to 5400 range in near term further. Any rise in open interest in next strike price will increase the range.
Today Fiis index future data is showing surprisingly in -28 cr. I think its was by mistake written by nse.
Market rise by 99 points and open interest increase by 4.4% indicating that fresh long has entered in market today.
Nifty has now next resistance around 5260-5270 level. There after no resistance upto 5400 level.
As I have been written earlier that a good great rally is awaiting in the market. I was expecting in last week but ban in 51 stock in fno and global negative concern pull the nifty down.
I think bull will try lot to protect 5217 level on monthly basis which i have discussed almost one month ago here. If market close above 5217 tomorrow, expect not touching 5200 level in rest of year. I expect 5250 level tomorrow before rbi meet. If any CRR cut news come from RBi. we may see another 100 points rally today.
I have also discussed earlier that we may see 6000 level in next two or three months. lets see which side market goes.
Long player be in long with stoploss at 5050 level.
The markets made robust gains today with all sectoral indices closing in the green. Realty, power, banking and capital goods were the best performers in today's session and metal, consumer durables and auto, too, closed with substantial upside. The Sensex closed at 17144, up 304 points from its previous close, and the Nifty shut shop at 5200, up 100 points.
CURRENT TECHNICAL SITUATION
A bullish gap up candlestick pattern has formed on nifty EOD charts indicating bullish indication for near term. As per slow stochastic indicator it was in over sold level and rising from lower level indicates trend reversal and stock may rise in near future. It has moved above 15 day Simple Moving Average after 12 days and it has hit two week high today.
As per Relative Strength Indicator (RSI), it was in over sold level. However, recent rise in price indicates trend reversal and stock may rise in near future.
Nifty 5200 put added 1031550 shares highest open interest today. Market has rise by 99 points and 5200 put price decreased by 51.30 points and open interest added 1 million indicating that 5200 put has been written. Nifty highest open interest on put side is in 5000 put and 5400 call has highest open interest Indicating that 5000 level will be act as strong and trend decider support. ON the up side 5400 open interest indicating near strong resistance.
So it is clear that market will move between 5000 to 5400 range in near term further. Any rise in open interest in next strike price will increase the range.
Today Fiis index future data is showing surprisingly in -28 cr. I think its was by mistake written by nse.
Market rise by 99 points and open interest increase by 4.4% indicating that fresh long has entered in market today.
Nifty has now next resistance around 5260-5270 level. There after no resistance upto 5400 level.
As I have been written earlier that a good great rally is awaiting in the market. I was expecting in last week but ban in 51 stock in fno and global negative concern pull the nifty down.
I think bull will try lot to protect 5217 level on monthly basis which i have discussed almost one month ago here. If market close above 5217 tomorrow, expect not touching 5200 level in rest of year. I expect 5250 level tomorrow before rbi meet. If any CRR cut news come from RBi. we may see another 100 points rally today.
I have also discussed earlier that we may see 6000 level in next two or three months. lets see which side market goes.
Long player be in long with stoploss at 5050 level.
