LAST DAY SNAP SHOT :-
after taking support at 5260 market jumped to 5360 level yesterday. The markets closed with significant gains today with all sectoral indices closing positive. The Sensex closed at 17618 (provisional), up 226 points from its previous close, and the Nifty closed at 5345 (provisional), up 70 points. The CNX Midcap index was up 1.3% while the BSE Smallcap index gained 0.8%. The market breadth was positive with advances at 930 against declines of 505 on the NSE.
CURRENT TECHNICAL SITUATION:-
As per Nifty Chart analysis Nifty is heeding towards 5422 at 76% Fibonacci level. Bullish marubozu Candlestick pattern has formed on NIFTY EOD charts yesterday. And nifty has hit three months high yesterday. As per RSI , NIFTY is in over bought territory with a value of 76.11 and, As per fast stochastic , NIFTY is in over bought range with a value of 98.74, and As per slow stochastic , NIFTY is in over bought range with a value of 98.74.
Nifty future up by 80 points and open interest increased by 3.2%. price rising with rising in open interest indicating that more fresh long has buildup yesterday.
Nifty 5300 put added 1,268,500 shares in open interest and 5400 put added 1,138,300 shares in open interest. Nifty 5300 call shaded -790,500 shares from open interest, and Nifty 5400 call added 204,800 shares in open interest. On the call side Nifty is standing with highest open interest in 5400 strike price, indicating Nifty will face resistance near 5400 level. Nifty 5300 put oi added and 5300 call shaded indicating that 5300 put writers are still confident to write 5300 strike price. Even 5400 put seen writing yesterday. On the call side 5300 call writers are shifting to upper strike price and 5500 call oi is slightly increasing. All these data ia indicating clearly that more upside is due in the market in the current month series. A minor correction may come on intraday basis. Fiis are not going to miss this rally. They keep continue buying in cash market.
Hold longs.
after taking support at 5260 market jumped to 5360 level yesterday. The markets closed with significant gains today with all sectoral indices closing positive. The Sensex closed at 17618 (provisional), up 226 points from its previous close, and the Nifty closed at 5345 (provisional), up 70 points. The CNX Midcap index was up 1.3% while the BSE Smallcap index gained 0.8%. The market breadth was positive with advances at 930 against declines of 505 on the NSE.
CURRENT TECHNICAL SITUATION:-
As per Nifty Chart analysis Nifty is heeding towards 5422 at 76% Fibonacci level. Bullish marubozu Candlestick pattern has formed on NIFTY EOD charts yesterday. And nifty has hit three months high yesterday. As per RSI , NIFTY is in over bought territory with a value of 76.11 and, As per fast stochastic , NIFTY is in over bought range with a value of 98.74, and As per slow stochastic , NIFTY is in over bought range with a value of 98.74.
Nifty future up by 80 points and open interest increased by 3.2%. price rising with rising in open interest indicating that more fresh long has buildup yesterday.
Nifty 5300 put added 1,268,500 shares in open interest and 5400 put added 1,138,300 shares in open interest. Nifty 5300 call shaded -790,500 shares from open interest, and Nifty 5400 call added 204,800 shares in open interest. On the call side Nifty is standing with highest open interest in 5400 strike price, indicating Nifty will face resistance near 5400 level. Nifty 5300 put oi added and 5300 call shaded indicating that 5300 put writers are still confident to write 5300 strike price. Even 5400 put seen writing yesterday. On the call side 5300 call writers are shifting to upper strike price and 5500 call oi is slightly increasing. All these data ia indicating clearly that more upside is due in the market in the current month series. A minor correction may come on intraday basis. Fiis are not going to miss this rally. They keep continue buying in cash market.
Hold longs.
