Nifty on Friday closed down 68.65 points at 6168.40 while Nifty future closed at 6197.75, premium of 29.35 points. FIIs sold in Cash, net sell 432.05 Crore while DIIs sold in Cash, net sell 45.07 Crore. FIIs sold in Index future, Stock future but bought in Index Option, net sell 609.57 Crore..!!!
Stock markets are likely to remain choppy this week ahead of the Reserve Bank of India’s mid-quarter review of monetary policy and a meeting of the US Federal Reserve that could decide on tapering its stimulus programme.
The Sensex lost 280 points in the week to Friday while the 50-stock Nifty fell 91 points during the period. Now for this wee Nifty will holds immediate support at 6100 levels. The recent fall in the markets has pushed some index majors in oversold territory. Hence, most indicators are in favour of technical rebound in the markets.
What is for Today?
Nifty future Support : 6160 to 6178
Technical Nifty can test 6233 to 6256 (“Sell on Rise” continues till below “6243-51”)
Trading is better on support and resistance level with stoploss.
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.