NIFTY X-RAY REPORT FOR 4 SEPT.
The markets closed with little declines yesterday with realty was the worst performer. The Sensex closed at 17384, down 45 points from its previous close, and the Nifty closed at 5254, down 5 points. The CNX Midcap index was up 0.1% while the BSE Smallcap index gained 0.2% in today's trade. The market breadth was positive with advances at 780 against declines of 635 on the NSE.
FII sold 6935 contracts worth rs 189.98cr and open interest decreased by 6289 contracts indicates that no new money was used to short into the system. But Nifty closed below 50 DMA any more close below 5260 may worsen the bullish sentiment. There is a 3 month long term rising trend line support below at 5215 also.
The markets closed with little declines yesterday with realty was the worst performer. The Sensex closed at 17384, down 45 points from its previous close, and the Nifty closed at 5254, down 5 points. The CNX Midcap index was up 0.1% while the BSE Smallcap index gained 0.2% in today's trade. The market breadth was positive with advances at 780 against declines of 635 on the NSE.
FII sold 6935 contracts worth rs 189.98cr and open interest decreased by 6289 contracts indicates that no new money was used to short into the system. But Nifty closed below 50 DMA any more close below 5260 may worsen the bullish sentiment. There is a 3 month long term rising trend line support below at 5215 also.
As i have indicated earlier above 5217 trend will be bullish and with breaking this level trend will be bearish also. Market didn't reacted positive despite os positive news of GAAR. Due to frequently suspension of parliament market is reacting negative.
On the put side 5200 put open interest is standing with highest open interest with the fresh addition of 677,500 shares yesterday, indicating that market will create as a support around 5200 level. A 3 months rising trend line is also coming at 5215 level.
On the call side 5400 call is standing with highest open interest with the fresh addition of 954,600 shares yesterday indicating that 5400 level will act as resistance further in the market.
Overall conclusion is that Market has to move up above 5295 spot level for up move. Market has made low 5239 in last two days, so 5239 will act as support level. next support at 5217.
