LAST DAY SNAP SHOT:-
It was a good expected trading day on Dalal Street as the Nifty managed to cross its resistance of 5400 which was a long term trend line resistance also and gave a close above it, for the first time since March 16. Banks, IT, cements and power stocks saw strong buying interest. Sensex closed at 17885, up 194 points and Nifty at 5421, up 54 points from the previous close. CNX Midcap index was up 0.3% and BSE Small cap index was up 0.5%. The market breadth was positive with advances at 798 against declines of 634 on the NSE. Top Nifty gainers were Sterlite industries, DLF and Sesa goa while losers included Bharti Airtel, Cairn India and PNB.
CURRENT TECHNICAL SITUATION:-
Nifty has crossed long term falling trend line and gave a close above 5400. So many players were thinking to short nifty around 5400 level but it gave a unexpected rise and closed at 5442 level. Nifty 5400 put added huge 2,958,400 shares in open interest with total Oi standing at 7,434,000. Nifty 5300 put added 1,635,000 shares in open interest with total oi standing at 10,785,550, Indicating clearly that market is not ready to fall below 5300 in August series.
As I have written yesterday that bull will take nifty above 5400 level and since so many days i have been writing that a good great rally is awaiting in Indian market but none of you believed and market came back from 5030 level. I have also indicated that we will see 6000 level in next two months earlier.
Nifty 5500 put added 925,250 shares in open interest. Oi addition in 5500 put indicating that bull may take nifty above 5500 also but we need more confirmation. We need two signals.
1:- If nifty close above 5475-80 level it will give first confirmation that Nifty may go above 5500.
2:- If nifty 5500 put addition increase by 10 lakh shares it will give second confirmation.
If we get above two confirmation Nifty will must go above 5500 for the target of 5555-5580.
Now 5380 will create a strong support zone for next day. I have told you earlier that bulls are not going to give to bat bears and make a run even 40- 50 points in their hands.
Be long untill nifty above 5380 now on the closing basis. I expect atleast 100 points more up rally from the current level.
Resistance --- 5475-5480
Support-------- 5380
If nifty future come near 5410 level will be buying opportunity for the target of 5480-5545 with stoploss at 5380.
ENJOY !!!!!!!!!!!!!!!!!!!
GOOD LUCK.
It was a good expected trading day on Dalal Street as the Nifty managed to cross its resistance of 5400 which was a long term trend line resistance also and gave a close above it, for the first time since March 16. Banks, IT, cements and power stocks saw strong buying interest. Sensex closed at 17885, up 194 points and Nifty at 5421, up 54 points from the previous close. CNX Midcap index was up 0.3% and BSE Small cap index was up 0.5%. The market breadth was positive with advances at 798 against declines of 634 on the NSE. Top Nifty gainers were Sterlite industries, DLF and Sesa goa while losers included Bharti Airtel, Cairn India and PNB.
CURRENT TECHNICAL SITUATION:-
Nifty has crossed long term falling trend line and gave a close above 5400. So many players were thinking to short nifty around 5400 level but it gave a unexpected rise and closed at 5442 level. Nifty 5400 put added huge 2,958,400 shares in open interest with total Oi standing at 7,434,000. Nifty 5300 put added 1,635,000 shares in open interest with total oi standing at 10,785,550, Indicating clearly that market is not ready to fall below 5300 in August series.
As I have written yesterday that bull will take nifty above 5400 level and since so many days i have been writing that a good great rally is awaiting in Indian market but none of you believed and market came back from 5030 level. I have also indicated that we will see 6000 level in next two months earlier.
Nifty 5500 put added 925,250 shares in open interest. Oi addition in 5500 put indicating that bull may take nifty above 5500 also but we need more confirmation. We need two signals.
1:- If nifty close above 5475-80 level it will give first confirmation that Nifty may go above 5500.
2:- If nifty 5500 put addition increase by 10 lakh shares it will give second confirmation.
If we get above two confirmation Nifty will must go above 5500 for the target of 5555-5580.
Now 5380 will create a strong support zone for next day. I have told you earlier that bulls are not going to give to bat bears and make a run even 40- 50 points in their hands.
Be long untill nifty above 5380 now on the closing basis. I expect atleast 100 points more up rally from the current level.
Resistance --- 5475-5480
Support-------- 5380
If nifty future come near 5410 level will be buying opportunity for the target of 5480-5545 with stoploss at 5380.
ENJOY !!!!!!!!!!!!!!!!!!!
GOOD LUCK.
