Nifty Opened with Gap up and went up again to 8400 zone and stayed there for entire day. NIFTY was trading between 8440-8400 entire part of the day, is this some kind of consolidation at higher levels or distribution will be known only after the price confirms it. Nifty has gained 440+ points from the recent lows of 7997 hence fresh buying needs to be taken only with proper stop-loss.
yesterday (19th) sell off at the last hour was ignored completely in today's price action, when NIFTY firmly broke the 19th High. Now NIFTY has given 3 consecutive close above 200 DMA; which is a good sign for bulls. Broader Market today was Positive with 758 advances and 718 declines for the day.
Now Lets Look at how Open interest is aligned:
FII -- They have turned Buyers and their NET open interest has come back again to green. Today they have added 40K Long contract and 3K shorts in Futures and added Calls too. so clearly one more green day tomorrow ??
DII -- They have also added longs to their basket today; but they are still net short.
Clients -- They started to turn negative; added huge puts and shorted around 19K in Futures.
PRO -- They have covered their longs and shorts today, no fresh addition seen. They are still Net short
So by going with FII data; they are becoming bullish again at the zone, where many are thinking its the top..so who is clever now? wait and watch!!
yesterday (19th) sell off at the last hour was ignored completely in today's price action, when NIFTY firmly broke the 19th High. Now NIFTY has given 3 consecutive close above 200 DMA; which is a good sign for bulls. Broader Market today was Positive with 758 advances and 718 declines for the day.
Now Lets Look at how Open interest is aligned:
FII -- They have turned Buyers and their NET open interest has come back again to green. Today they have added 40K Long contract and 3K shorts in Futures and added Calls too. so clearly one more green day tomorrow ??
DII -- They have also added longs to their basket today; but they are still net short.
Clients -- They started to turn negative; added huge puts and shorted around 19K in Futures.
PRO -- They have covered their longs and shorts today, no fresh addition seen. They are still Net short
So by going with FII data; they are becoming bullish again at the zone, where many are thinking its the top..so who is clever now? wait and watch!!
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