NIFTY X- RAY REPORT FOR 16 OCT
The markets closed with moderate gain today with FMCG was the best performer. The Sensex closed at 18713, up 38 points from its previous close, and the Nifty closed at 5687, up 11 points. The CNX Midcap index was up 0.8% while the CNX Smallcap index gained 0.23% in today's trade. Market consolidated whole day today and after that recovery came and nifty closed with little gain.
Nifty 5600 put added fresh 10 lakh shares in today session which indicates 5600 level is forming as base and strong support level for nifty in near term. but the question is that will the rally go above 5800 level or it will come down again. As per option open interest data it seems that nifty may not cross or sustain above 5800 level because 5800 call open interest standing with highest number at 9531200.
FIIs bought index future worth Rs. 284.17 cr. and open interest increased by 0.40%, as Nifty future was up by 16 points and open interest increased, indicating that fresh long position was made into the system by FIIs. But open interest figure is not too much aggressive so rally will sustain at higher level it is confusing.
If nifty spot price closed above 5735 level then we may see 5775 or 5800 level otherwise we may correct again towards 5586-5530-5450.
Reliance result may inject extra power to nifty in tuesday session.
