AUTOMATED TRADING

AUTOMATED TRADING

19 February 2013

NIFTY X-RAY REPORT FOR 20 FEB

As I had indicated in my previous post that nifty may took support on rsi double bottom. Nifty made short term bottom at 5854. As nifty future was up by 49 points and open interest increased by 2.8% indicating fresh long position has been made into the market today. Three consecutive green candlestick pattern has formed on Nifty EOD chart and has given breakout above 15 days falling trend line as shown in chart below, indicating further green trend. Nifty is near its 50 day moving resistance. once if cross and sustain above 50DMA it may touch 5983-6013 level very soon. According to option open interest data 5900 put added 565350 contracts and 5900 call decreased by 749500 contracts from open interest indicating call writers have exited from 5900 call and writing in 5900 put seen today.
Hurdle around 5960 after that no problem for bulls till 5983 -6013.



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