The markets closed with moderate declines today with FMCG was the worst performer. The Sensex closed at 18676, down 79 points from its previous close, and the Nifty closed at 5669, down 21 points. The CNX Midcap index was up 0.8% while the CNX Smallcap index gained 0.60% in today's trade. Market consolidated whole day after a jump.
As per RSI , NIFTY is in over bought territory with a value of 81.17 and
As per slow stochastic, NIFTY is in over bought range with a value of 87.28
NIFTY witnessed a sharp jump in price coupled with rise in volume on 21/09/2012 which I was predicted earlier that use the every dip and market may touched 5705 in sep. This may mean that a strong buying interest is in the market. Fiis are buying continuesly in cash segment. Stocks may jump more higher from here also. I highly expect that nifty may touch 5760-5775 till expiry.
Nifty 5800 call added 1557000 fresh shares in open interest indicating that 5800 level will create a near term resistance in the market.
Fii sold 5167 contracts of index future and open interest decreased in market by 2.7% indicating that Fii have started long unwinding in nifty future.
Momentum is strong bullish buy on dip further for the target of 5760-5775 with stoploss at 5675 nifty future level.
GOOD LUCK
