The markets closed with little loss with realty was the worst performer today also. The Sensex closed at 18877.96, down 40.55 points from its previous close, and the Nifty closed at 5698.50, down 21.20 points. The CNX Midcap index was down -1.49% while the CNX Smallcap index loosed 1.83% in Today's trade. The market breadth was negative with advances at 250 against declines of 823 on the NSE. The Bank index was up by 0.31% in todays session. Bharti Airtel was highest gainer up 1.88% in nifty 50 group while JP Associate was the biggest looser with -5.95% in today's session.
Nifty closed with -0.37% in previous session. As per nifty Relative Strength Indicator (RSI), it is placed in oversold zone since three days but not any sign of recovery yet. However, recent price moves on in todays session indicates trend reversal and strong base near 5700 and, stock may rise in near future. Nifty is in short term down trend. Bullish harami Candlestick pattern has formed on NIFTY EOD chart on 01/03/2013 Prior to pattern formation this share was in downtrend. As per slow stochastic , NIFTY is in over sold range with MACD downside cross signal. Nifty is in consecutive downtrend since five weeks.
Nifty 5700 put added 435,500 fresh contracts in open interest which is standing with highest open interest at 7,157,450 on the put side. While nifty 5700 call has 3,296,550 contracts with the addition of 745,850 fresh contracts in today's session. As nifty was down by 27 points and open interest added in 5700 call much than 5700 put indicating reversal after continuing down trend . Put call ratio is at 0.9 indicating that price may take support very soon.
Fiis bought index future wort Rs.399 cores and open interest increased by 34143 contracts indicating that Fiis have covered their short in todays session, no fresh short indication in today's session in spite of negative global clues.
Nifty is in strong down trend on both daily and weekly chart. As per price pattern on todays chart seems that nifty is ready to take support around 5700 level. %700 put highest indication also indicating strong base near this level. As per Today's session there are high probablities that stock may take support here and may try to get ride off from oversold zone. 5760 level should watch carefully in tomorrow session. If price sustain above this level then it will kiss 5830 level very soon. In current situation if nifty continue its downtrend and if it break its todays low in tomorrow session then it may kiss 5630. Weekly chart indicating that there is still lot of down move is due in the market before any meaningful bounce. Cover your short position if nifty future cross 5760. However nifty is showing in oversold and it may give a spike from this zone but not any recovery indication seen till now. Untill unless nifty cross 5760 level we cant see a valid up move.
Nifty is in strong down trend on both daily and weekly chart. As per price pattern on todays chart seems that nifty is ready to take support around 5700 level. %700 put highest indication also indicating strong base near this level. As per Today's session there are high probablities that stock may take support here and may try to get ride off from oversold zone. 5760 level should watch carefully in tomorrow session. If price sustain above this level then it will kiss 5830 level very soon. In current situation if nifty continue its downtrend and if it break its todays low in tomorrow session then it may kiss 5630. Weekly chart indicating that there is still lot of down move is due in the market before any meaningful bounce. Cover your short position if nifty future cross 5760. However nifty is showing in oversold and it may give a spike from this zone but not any recovery indication seen till now. Untill unless nifty cross 5760 level we cant see a valid up move.
Downtrend stoploss at 5750 spot price
Target expected - 5630 and if broken than 5530.
Target expected - 5630 and if broken than 5530.
If Stoploss hit reverse your position towards long side with sl at 5670.
Good luck
