AUTOMATED TRADING

AUTOMATED TRADING

5 February 2013

NIFTY X-RAY REPORT FOR 06 FEB

Bearish gap down Candlestick pattern has formed on NIFTY today and gave the downtrend signal and Nifty  has hit two week low today. As per slow stochastic indicator NIFTY is in over sold range now . Consecutive three black crows Candlestick pattern was formed by NIFTY .  NIFTY has moved below 20 days Exponential Moving Average after 46 days on 01/02/2013 and took support today at 50 day Moving Average. Global Indices has turned positive and this indication may give positive strength to nifty.
Nifty 5900 put added 10,30,250 contracts in open interest  Indicating hurdle around this level. Fiis sold index future worth rs 663 cores and open interest increased by 6345 contracts indicating fresh short position has been made. But I really don't understand the Fiis activities that how they make money.According to Nifty EOD chart a clear triangle pattern has formed and Lower side long term trend line is ready to give nifty support. On the Upside fresh breakout will require to give fresh move on nifty. 
nifty will face resistance around 5990 and 5934-24 will act as support for next days.     

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