LAST DAY SNAP SHOT:-
As expected It was a volatile session yesterday with both benchmark indices closing flat after hovering both ways. Realty, banking and capital goods were the biggest losers in today's session while auto and metal closed with significant gains. The Sensex closed at 17601, down 1 point from its previous close, and the Nifty shut shop at 5338, up 1 point. 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 582 against declines of 873 on the NSE.
CURRENT TECHNICAL CONDITION:-
As per Nifty charts analysis It is in short term over bought condition on daily chart. Nifty weekly chart showing that there is more spsce to rise. Nifty took attempt yesterday to cross long term trend line but it failed in last hour. I think It will take more attempt to cross this trend line.
Fii bought 28568 contracts worth rs 709.97. Nifty future up by 7 points and open interest increased by 2.2% indicating that more fresh long has been created in the market yesterday.
Today is IIP data and market will be volatile again if IIP data not support the market. According to Option data Nifty 5300 put again added 1,055,050 shares in open interest and Nifty 5300 call unwinded 390,650 shares from open interest, indicating that bulls will keep nifty above 5300 and In 5400 put addition of 477,350 shares and decreased in 5400 call indicating that bulls are ready to push nifty above 5400 level.
A blasting rally we will see again above 5400 level, but need to be cautious at this level. Nifty may try to come down from overbought situation. Any close below 5330 will create a very short term weakness in the market.
As per Nifty charts analysis It is in short term over bought condition on daily chart. Nifty weekly chart showing that there is more spsce to rise. Nifty took attempt yesterday to cross long term trend line but it failed in last hour. I think It will take more attempt to cross this trend line.
Fii bought 28568 contracts worth rs 709.97. Nifty future up by 7 points and open interest increased by 2.2% indicating that more fresh long has been created in the market yesterday.
Today is IIP data and market will be volatile again if IIP data not support the market. According to Option data Nifty 5300 put again added 1,055,050 shares in open interest and Nifty 5300 call unwinded 390,650 shares from open interest, indicating that bulls will keep nifty above 5300 and In 5400 put addition of 477,350 shares and decreased in 5400 call indicating that bulls are ready to push nifty above 5400 level.
A blasting rally we will see again above 5400 level, but need to be cautious at this level. Nifty may try to come down from overbought situation. Any close below 5330 will create a very short term weakness in the market.
