Nifty opened flat to negative below previous day's VAL. It went up to test the VAL and got rejected firmly. It was trading in a narrow range 8015-8050 and kept its decision to break 8000 or not in "pending" mode. Should be cleared tomorrow.
Broader market is still under pressure with 920 declines to 551 advances. As long as nifty is trading below to its 5 week low moving average, the trend is down but chances for bounces are many, since many of the indicators would be in their respective oversold zones. Need to be very cautious on any bounces.
VIX range for this series : - 8325---7720
Today 8033-39 point of control in NF, need to see the price action tomorrow at this zone.
FII - Covered their shorts today and gone longs in Index futures, but they are still in bear mood in options
Clients - Taken both sides today in Index futures and they are long in Options
DII -- Covered both sides today and cash buying...
PRO -- Covered their longs and taken shorts in index futures and Options front they are bears still.
I am expecting a short term low tomorrow or its already done today. More clarity should emerge looking at tomorrow Price action. So all in all expecting a very good trading day tomorrow.
8000 is becoming a Laxman Rekha...
Happy Trading.
Broader market is still under pressure with 920 declines to 551 advances. As long as nifty is trading below to its 5 week low moving average, the trend is down but chances for bounces are many, since many of the indicators would be in their respective oversold zones. Need to be very cautious on any bounces.
VIX range for this series : - 8325---7720
Today 8033-39 point of control in NF, need to see the price action tomorrow at this zone.
FII - Covered their shorts today and gone longs in Index futures, but they are still in bear mood in options
Clients - Taken both sides today in Index futures and they are long in Options
DII -- Covered both sides today and cash buying...
PRO -- Covered their longs and taken shorts in index futures and Options front they are bears still.
I am expecting a short term low tomorrow or its already done today. More clarity should emerge looking at tomorrow Price action. So all in all expecting a very good trading day tomorrow.
8000 is becoming a Laxman Rekha...
Happy Trading.
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