All the targets for NIFTY and AXIS bank, given for the day were achieved. Nifty futures closed the day on 5487, down by roughly 0.93%, but still at 58 points premium to the spot, with considerable increase in volumes and open interest and the PCR moving from 1.62 to 1.57, indicating a shift in trend in the last three days. The huge premium on Nifty futures may not be sustainable and is expected to come down considerably in the days to come. On the options side there was routine profit booking , in all in- the money calls from 5000 to 5300 and considerable shorting in the 5500 and 5600 calls, alongside a considerable build up in open interest in 5200 and 5300 puts, adding credibility to the shorts building up in the system. While the technical indicators have shown a clear shift in trend for the first time in the last three days, on both the daily and weekly charts, but with the considerable good international news flow, the downside for Nifty may be limited for sometime in the range of 5370 to 5290.
No comments:
Post a Comment