AUTOMATED TRADING

AUTOMATED TRADING

2 December 2012

NIFTY X-RAY REPORT FOR -03 DEC

Nifty gave a robust jump last week and closed at 52 week high. Fii bought index future worth rs.596 cores  and open interest increased buy 168%. Fii bought 1611 cores in cash market. As nifty future was up and increased in open interest indicates fresh long position has been made into the system last week. Price rise is impulsive, any dip should buy nifty further until trend is positive. Nifty hourly chart is in highly overbought so consolidation is also expected for one or two days. Nifty 5800 put added fresh 11,28,250 contracts in open interest. Nifty 5900 put added fresh 12,58,100 contracts in open interest. Nifty 6000 call open interest is highest on call side.
According to option open interest data seems that nifty is ready to go above 5900 level and indicating also that it may face strong resistance around 6000 level.
As per nifty EOD chart continuous three bullish candle stick chart pattern has formed on chart indicating bullish move ahead. But I am again saying that assume this rally as a end of trend.
5927 and 5832 is expected range for nifty tomorrow. 5832 level should fresh buy.
Good luck.   

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