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Nifty Future Tips for Oct 23, 2013



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Last  Close : 6222.65

Yesterday FIIs bought 59465 contracts of Index futures and sold 56439 contracts of Index futures that come to net buy of 3026 contracts worth 110 crores with net open interest increasing by 14306 contracts.

Looking at all above basic facts it appears that FIIs slowing started going short in Index futures…!

Huge buying from FIIs is the main reason why a Nifty future is now above 6200 mark. Global liquidity supported market, thus now trading at 3 year high…!!! As per data with SEBI, FIIs so far in 2013 had invested Rs.80174 Crores…!

What is for Future?

Now for upcoming few days we see a range in Nifty future, may be 6143 on the lower side and 6350 maximum on the upper side..!!! Market likely to remain very volatile in coming months.

Technically saying, the Nifty has crossed the 6150 mark and now faces resistance at the May 2013 highs at 6239.

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Mr.Guru is a registered investment advisor for Moneymunch, he is a regular guest on popular channels and writes for several newspapers and financial journals. They've black magic of stock market analysis because studied charts over 20 years.

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