The Nifty Future closed at 5338, 57 points premium to the spot nifty. The markets opened with a negative bias and the selling became aggressive as the day progressed, marked by unwinding on the future's side and massive call writing from 5200 to 5600 calls and considerable addition of open interest from 5000 to 5300 puts, which was clearly indicated in the PCR which fell to 1.07. The other highlight of the day was that FII's were net buyers to the tune of 329 crores while the DII's were net sellers to the tune of 629 crores. The spot Nifty closed for the day at a crucial point of 5281 which is just below its 30-day moving average. The next crucial levels to watch out for will be 5216, 5182, 5120. On the international markets side there are mixed reactions with good U.S. Home sales data , while on the other side German parliament is voting on whether to increase their share to the Greece bailout fund. With no signs of reversal right now, every rise should be used as a opportunity to short the market, while fresh longs can only be initiated only when there are signs of some amount of consolidation.
Stock Picks
Axis Bank - Short - 1145, 1165, SL 1186. Target 1083, 1069, 1055
LT - Short - 1335, 1360 SL 1390. Target 1276, 1251
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