Nifty went above 6100 in todays trade but did not sustained and bears pulled down nifty till 6040 level. Almost a week ago I told you that traders who tolerate 150 points zig zag movements can trade positional or swing trading. RBI cut rate 25 basis point. 30 days intermediate trend line and channel support at 6034 level. Assume this level as a Laxaman Rekha. Break below nifty may drag till long term 8 months trend line support which is at 5885 level. Nifty 6000 put of jan series is standing with highest open interest and 6000 put of Feb series has highest open interest also, Indicating base for nifty in near term.
Fiis bought Index future worth rs 669.78 cores with open interest increasing indicating that Fiis have made long trade at lower level today. Fiis bought shares worth Rs 899 cores in cash market segment. Fiis are buying every day either market is up or down but we people became very aggressive very soon. Consecutive buying by Fiis indicating that top is still due in our market. But caution required in long trade in current market situation is good further.
As per Nifty EOD chart analysis Ascending Triange Pattern has formed on NIFTY on date - 29/01/2013 With these points acting as resistance Price : 6082.3 On - 21/01/2013 Price : 6056.6 On - 15/01/2013 Price : 6016.15 On - 04/01/2013 and rising trendline is formed by Price : 6001.85 On - 16/01/2013 Price : 5951.3 On - 11/01/2013
Still there is no any weakness seen on nifty Eod chart nor on any global indices nor any reduction seen in buying in cash market segment by Fiis. Use every dip till trend line broken.
I have recommended Axis Bank two days ago has given blasting rally. Hope you all enjoyed
in this stock. Trade Volatility with cool mind.
6035 and 6013 are strong support for nifty tomorrow.
Good luck
