LAST WEEK SNAP SHOT: -
The markets closed last week with little losses with realty was the biggest looser. The Sensex closed at 17783, down with 67 points from its previous close, and the Nifty closed at 5387, down with 29 points. The CNX Midcap was down 0.6% while the BSE Small cap also lost 0.8% in last day trading session. The market breadth was negative with advances at 472 against declines of 945 on the NSE.
CURRENT TECHNICAL CONDITION:-
Nifty made a low of 5371 which is very important support now and 5445 is very important resistance now. Nifty must close above 5445 for next bull run. Any close above 5445 bull will take nifty 5550-5600. I expect nifty rally above 5445 and 5500 next week, but any close below 5370 this time will terminate the bullish view and nifty may fall to 5250 in coming days. Weekly trend is up and placed in highly bullish zone with expected target 5550-5600.
Fiis bought nifty future worth rs 146.79 crore and open interest decreased by 0.46% indicating that shorts have been covered at lower range around 5375 level.
Nifty hourly chart is at support at 5370 level. Nifty put call ratio is at 1.3 still have lots of hope to rise from further price range. Nifty daily chart RSI and slow stochastic is in overbought range so long players need to be cautious at 5370 support level, breaking this level nifty may try to get ride from overbought and may fall to 5267. but its chances are very low because Nifty 5300 put is standing with highest open interest with more than 1 crore so 5300 put writers may not let the nifty slip below 5350. On the call side Nifty 5500 call have highest open interest with more than 1 crore indicating that nifty may face resistance around 5480-5500.
SGX nifty is showing at 5426 so gap up opening is expected if Asian indices remain positive and nifty may touch 5445-5450 level on Monday session. Nifty immediate resistance at 5445 and 5481 and Nifty will face immediate support at 5370. Expiry is near in next week so expect little volatility.
