LAST DAY SNAP SHOT:-
The markets closed with significant losses today with IT taking severe beating. Tech, consumer durables, auto and capital goods were other sectors that closed with significant declines and oil & gas and realty were the only two sectors that managed to close in the green. The Sensex closed at 17233, down 257 points from its previous close, and the Nifty shut shop at 5235, down 71 points. The CNX Midcap index was down 0.3% while the BSE Smallcap index lost 0.7% in today's trade. The market breadth was negative with advances at 438 against declines of 986 on the NSE. The top Nifty gainers were JP ASSOCIATES, ONGC, HERO MOTO CORP and GAIL while the biggest losers was INFOSYS, WIPRO, BHARTI AIRTEL AND IDFC.
CURRENT TECHNICAL SITUATION:-
As per Nifty EOD charts Relative Strength Indicator (RSI) on daily charts was in over bought level indicating trend reversal.
As per stochastic Indicator, on NIFTY daily charts has turned down and indicating down move further.
Spinning top Candlestick pattern has formed by on NIFTY daily chart today. As per EOD chart analysis it is indicating that price may correct more further in near term, but option data are saying something different.
The markets closed with significant losses today with IT taking severe beating. Tech, consumer durables, auto and capital goods were other sectors that closed with significant declines and oil & gas and realty were the only two sectors that managed to close in the green. The Sensex closed at 17233, down 257 points from its previous close, and the Nifty shut shop at 5235, down 71 points. The CNX Midcap index was down 0.3% while the BSE Smallcap index lost 0.7% in today's trade. The market breadth was negative with advances at 438 against declines of 986 on the NSE. The top Nifty gainers were JP ASSOCIATES, ONGC, HERO MOTO CORP and GAIL while the biggest losers was INFOSYS, WIPRO, BHARTI AIRTEL AND IDFC.
CURRENT TECHNICAL SITUATION:-
As per Nifty EOD charts Relative Strength Indicator (RSI) on daily charts was in over bought level indicating trend reversal.
As per stochastic Indicator, on NIFTY daily charts has turned down and indicating down move further.
Spinning top Candlestick pattern has formed by on NIFTY daily chart today. As per EOD chart analysis it is indicating that price may correct more further in near term, but option data are saying something different.
FIIs sold Nifty future worth rs 415.52 cr and Nifty future down by 71 points and open interest increased by 0.1% indicating no major short has been entered into the system. As I have discussed earlier about the magic level 5217, Nifty touched today this level and bounced back and closed at 5235. 5217 level will be trend decider level for nifty for next session.
Nifty 5300 call added 1,089,400 contracts in open interest and 5300 put decreased by 321,450 shares from open interest. Two days back Nifty 5300 put added 1,268,500 shares in open interest and 5400 put added 1,138,300 shares in open interest. Nifty fall 130 points after touching 5360 level. Today again 5300 call added huge open interest indicating something is cooking again. FIIs have added 6680 cr rupees in cash market in July Month and they are still buying shares in cash market of our innocent Indian investors. They have bought 268.54cr. today also. I expect a big move is awaiting in Indian Market in very near term. And I also expect that all bad time has over or will over tomorrow. I expect again 5330-5340 level very soon.
Hold longs.
