Nifty hit one month low today but closed around same level and took support around 5883 level in intraday. If hold this level for tomorrow session then expect sharp and impulsive bounce from here otherwise a fall upto 5840 may be seen in Market. Nifty is taking support around 38.2% retracement level. Fiis bought index future worth Rs. 382 cores and open interest increased by 0.9% indicating that fresh long position has been created into the system today. Fiis were frequent buyer in cash market segment and in stock future segment. Yesterday huge buying in cash market segment indicating that there is nothing like panic situation in the market. However Nifty has broken important support and long term trend line support I still expect a sharp bounce and new high in the market but i also expect that nifty may trap bears at current level and it may slip to 5840 also. Option OI data is indicating volatile session for tomorrow. Nifty 5900 PUT highest OI data indicating hurdle around this level. As per nifty EOD chart RSI and Slow stochastic is in oversold zone so nifty may bounce from here.
Buy trade can be initiated at 5865 spot level (if come) or above 5930 spot level in tomorrow session.
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