LAST DAY SNAP SHOT:-
The markets remained volatile today and closed with moderate declines. Oil & gas and banking lost significantly while FMCG, auto and metal closed with substantial gains. The Sensex closed at 17561, down 40 points from its previous close, and the Nifty shut shop at 5323, down 15 points. The CNX Midcap index was down 0.3% while the BSE Smallcap index lost 0.4% in today's trade. The market breadth was negative with advances at 465 against declines of 962 on the NSE.
CURRENT TECHNICAL SITUATION:-
Nothing has changed much in the technical pattern. As we have discussed earlier that A long term trend line is around 5370. bull took attempt but it failed again and SBI and Bharti Airtell tell changed the bullish sentiment. I think in very short term market will try to pull itself from over bought range and we may see a little corection till 5217 level. We have seen a straight bounce rally from 5030 to 5370 without any correction, it may happen. Nifty future immedeate support is at 5230 and any break below this level and sustaining below this level will take nifty 5280-5250-5217. Currently short strategy will be good with stoploss at 5390.
FIIs bought Nifty future worth RS 27.23 cr and open interest increased by 1.1% , as nifty future was down by 5 points indicating that Fiis has unwinded partial long position yesterday.
Option open interest data is not clear and it is confusing. Only 5400 call added 6 lakh shares in open interest indicating clearly that nifty will face difficlty to cross 5400 level.
Bottom line:- SHORT NIFTY AROUND 5360-50 STOPLOSS AT 5390 AND BOOK PROFIT ACCORDINGLY YOUR THRISTY. i HIGHLY EXPECT THAT NIFTY WILL COME ONCE AROUND 5250 LEVEL AND THEN IT WILL RE TRY TO CROSS 5400.
As per chart there is a strong resistance at 5470 level. according to option data also supporting for 5400. 5500 also is a strong resistance. pivot point is 5330 down side nifty future level and up side 5390 is pivot points. Between 5330 and 5390 trading will be really difficult. keep patience to break this any level. It may give you another 60-70 points profit.
The markets remained volatile today and closed with moderate declines. Oil & gas and banking lost significantly while FMCG, auto and metal closed with substantial gains. The Sensex closed at 17561, down 40 points from its previous close, and the Nifty shut shop at 5323, down 15 points. The CNX Midcap index was down 0.3% while the BSE Smallcap index lost 0.4% in today's trade. The market breadth was negative with advances at 465 against declines of 962 on the NSE.
CURRENT TECHNICAL SITUATION:-
Nothing has changed much in the technical pattern. As we have discussed earlier that A long term trend line is around 5370. bull took attempt but it failed again and SBI and Bharti Airtell tell changed the bullish sentiment. I think in very short term market will try to pull itself from over bought range and we may see a little corection till 5217 level. We have seen a straight bounce rally from 5030 to 5370 without any correction, it may happen. Nifty future immedeate support is at 5230 and any break below this level and sustaining below this level will take nifty 5280-5250-5217. Currently short strategy will be good with stoploss at 5390.
FIIs bought Nifty future worth RS 27.23 cr and open interest increased by 1.1% , as nifty future was down by 5 points indicating that Fiis has unwinded partial long position yesterday.
Option open interest data is not clear and it is confusing. Only 5400 call added 6 lakh shares in open interest indicating clearly that nifty will face difficlty to cross 5400 level.
Bottom line:- SHORT NIFTY AROUND 5360-50 STOPLOSS AT 5390 AND BOOK PROFIT ACCORDINGLY YOUR THRISTY. i HIGHLY EXPECT THAT NIFTY WILL COME ONCE AROUND 5250 LEVEL AND THEN IT WILL RE TRY TO CROSS 5400.
As per chart there is a strong resistance at 5470 level. according to option data also supporting for 5400. 5500 also is a strong resistance. pivot point is 5330 down side nifty future level and up side 5390 is pivot points. Between 5330 and 5390 trading will be really difficult. keep patience to break this any level. It may give you another 60-70 points profit.
