MARKET OPENED GAP DOWN DUE TO NEGATIVE GLOBAL TREND AND NIFTY FUTURE TOOK SUPPORT EXACT AT 5740 WHICH I TOLD YOU IN INTRADAY SECTION. MARKET CLOSED ABOVE THE 15 DAYS TRADING RANGE AT 5738.75. OUR MARKET SHOWED LESS WEAKNESS COMPATIBLY OTHER WORLD INDICES.
NIFTY 5700 PUT OPEN INTEREST STANDING 70,85,450 CONTRACTS WHICH IS SECOND HIGHEST IN PUT SIDE. TODAY IT ADDED 198,150 FRESH CONTRACTS IN FALLING MARKET INDICATING THAT 5700 LEVEL IS READY TO PERFORM AS SUPPORT LEVEL IN NEAR TERM IN THE MARKET. ON THE CALL SIDE NIFTY 600 CALL HAS HIGHEST OPEN INTEREST WHICH IS INDICATING THAT 6000 LEVEL WILL BE MAXIMUM LIMIT FOR THE UP SIDE IN THE CURRENT SERIES.
NIFTY DOWN BY 21 POINTS AND OPEN INTEREST DECREASED BY -3.8% WHICH INDICATES THAT MARKET WILL NOT FALL DEEPLY BECAUSE OPEN INTEREST IS NOT INCREASING WITH FALLING MARKET.
FII SOLD INDEX FUTURE WORTH RS 392 CORES AND OPEN INTEREST DECREASED INDICATING THAT PARTIAL PROFIT BOOKING HAS DONE IN THE FNO MARKET TODAY. BUT THEY ARE NET BUYER OF 261 CORES IN THE CASH MARKET.
NOW THERE ARE TWO SITUATION WOULD OCCURE IN THE MARKET ON FRIDAY. IF NIFTY FUTURE CLOSED ABOVE 5800 THEN IT WILL GIVE CONFIRMATION THAT MARKET WILL GO UP ABOVE THE 5900 AND IF MARKET BREAK 5710 NIFTY FUTURE LEVEL THEN WE MAY SEE SOME MORE CORRECTION. BUT AS PER DATA IT INDICATES THAT ITS CHANCES ARE VERY LOW. AS PER NIFTY CHART ANALYSIS SLOW STOCHASTIC IS IN OVERBOUGHT ZONE. ONE MORE THING WE HAVE CONSIDER TODAY THAT ON HOURLY CHART TECHNICAL INDICATORS HAVE COME DOWN VERY SOON WHILE THE MARKET REMAIN IN RANGE. INDICATES THAT MARKET MAY GIVE A ANOTHER BOUNCE FROM THIS ZONE.
OVERALL THERE ARE NO ANY SELL SIGNAL ON NIFTY DAILY CHART FURTHER. SHORTING WITHOUT SELL SIGNAL WOULD BE LIKE '' AA BAIL MUJHE MAAR''.
