LAST DAY SNAP SHOT:-
The markets closed with little declines yesterday also with metal taking a severe beating. The Sensex closed at 17632, down 47 points from its previous close, and the Nifty closed at 5335, down 15 points. The CNX Midcap index was down 1% while the BSE Smallcap index lost 1.4% in today's trade. The market breadth was negative with advances at 335 against declines of 1096 on the NSE. Mid cap and Small cap lost more than nifty index indicating that retail investors were panic.
CURRENT TECHNICAL CONDITION:-
market broke the important support of 5350 yesterday and made low of 5313 but some improvement seen from lower level in last hour. As per chart analysis it is in negative trend but data says that a up move should happen in today market. I was expecting it yesterday also. FII bought 15439 contracts of nifty future worth rs 433 cr with increasing in open interest indicating that fresh long position has created into the market yesterday. Just two days before expiry, huge liquidation by FIIs indicating that they have some up move plan. Watch nifty carefully if nifty hold yesterday low and trade above that level we may see a smart move till 5385-5414 level.
Technically now support is at 5313 and after that 5235 level. breaking of 5300 level we may see a fall upto 5235 level. Fii sold 817 crores in options and 28 lakh shares added in 5300 call and 5400 call indicating fii have sold 5300 and 5400 call before expiry, but nifty will close in higher end i will need more confirmation. If Nifty spot cross 5363 and sustain above this level for 15 min then we may see more up move rally up to 5385. Fresh buy will come after 5363.
GOOD LUCK
