Markets were choppy yesterday, opened with a positive note in starting and giving up gain in the later part of the day. Like yesterday at EOD Nifty Futures gave a kind of Spinning top structure with a long downside tail a kind of mix nature but mostly bearish.
FIIs were net sellers in Index Futures, they sold 2.5 lacs of nifty and Nifty O.I increased from the same amount indicating retailers are bullish. Continuing the previous fashion Fiis are consistently taking heavy positions in Index options to the tune of 1260 crores.
On charts nifty consolidated in the earlier range with low volumes now whether its a bull trap or not will be confirmed if nifty moves down this 100% retracement level.
Yesterdays Quick calls Review:
Polaris: shorts were covered @ 168 as it bounced back from the lows.
Apollo Tyres: Shorts were undertaken but stopped out at yesterdays high, interestingly the thing I was referring that Price was increasing with a decline in open interest, but yesterday all shorts were covered and stock rallied 10% with the increase of the open interest. Almost 50 lacs shares of short were covered and 53 lacs shares of fresh long were built up in single day. Quite amazing.
Network18: It did gave some 2 rs downside but covered intraday as shorts in any scrips were not working.
Idea: Telecom stocks were the flavour of the day. Idea gave a nice 7% intraday gains.
Bharti: Bharti tried to brake out late in the afternoon from its inverted Head and Shoulder pattern gave a nice swings but gave out gains and still hanging at the upper side of the neckline of inverted HnS. will be interesting to see today.
Hope you liked it.
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