In the last trading session we see a market wide participation in the Nifty upmove which was missing in all previous rallies, almost all sectors rallied including hot favorite market stocks and shorts are closed and longs are created at the same time in many scrips.
Options reading clearly indicating that 5200 level is a major support and on the upper side @ 5400 heavy call written.
Longs should only be opened above 5350 that too if it sustains on hourly basis, one possible scenario can be Nifty opening around 5340 and tracing back all the way to 5288 where the yesterdays 'b' shaped profile is.
Clearly the action is in broader market and stocks which are left out can see some action while nifty keeps its current range as expected with ad line chart and the earlier post, so its time for broader market to catchup with Nifty. I'll be looking for small and midcap stocks that too intraday today as I still feel Nifty or Large caps should be avoided as concern of Interest rate are looming in the background.
FII stats are mixed in nature, in last session FIIs bought roughly 5 lacs of Nifty and open interest increased by 2.4 lacs. But the point to notice is that major turnover came from Options side where Net buyers to the tune of 1087 crores. In the past sessions FIIs were seen taking long positions with the options as volatility of Nifty at record low levels which may turn out into a nice directional move for the time being one should wait and watch carefully.
Hope you liked it.
FII stats are mixed in nature, in last session FIIs bought roughly 5 lacs of Nifty and open interest increased by 2.4 lacs. But the point to notice is that major turnover came from Options side where Net buyers to the tune of 1087 crores. In the past sessions FIIs were seen taking long positions with the options as volatility of Nifty at record low levels which may turn out into a nice directional move for the time being one should wait and watch carefully.
Hope you liked it.
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