LAST DAY SNAP SHOT:-
Led by heavyweight counters like HDFC, the markets gained momentum in the last hour of trade and closed with moderate gains. Barring auto, all sectoral indices closed positive with realty, consumer durables, capital goods and power being the best performers. Oil & gas and banking, too, gained significantly. The Sensex closed at 17633, up 76 points from its previous close, and the Nifty shut shop at 5348, up 27 points. The CNX Midcap index was up 0.7% while the BSE Smallcap index gained 0.5% in today's trade. The market breadth was positive with advances at 784 against declines of 652 on the NSE.
CURRENT TECHNICAL SITUATION:- Nifty 5300 put added 1,102,200 contracts yesterday and 5300 call dded 120,200 contracts in open interest. Few days back I have posted that bull will try to protect 5300 level. Nifty 5400 put added 438,000 shares in open interest and 5400 call decreased by 28100 shares indicating that bull will keep nifty above 5300 and will try to take it above 5400 also. I Think market has completed its consolidition and bulls are ready and warmed up to give its next performance.
FIIs Sold Nifty future worth Rs 27.70 and nifty up by 27 points and open interest increased by 3.9% indicating that Fiis have covered their short position. NIfty immediate resistance is at 5380.If nifty cross above and sustain with good volume for an hour will give a bounce to 5424 level very soon. Over all Nifty is heading towards 5500 very soon. keep stoploss at 5300 and be long.
One blasting rally is awaiting in Indian Market.
