NIFTY MORNING OUTLOOK
Nifty – SGX Nifty trade higher 9940 The player’s sentiments overall trend continues to remain upside rally, could be limited up to 10000 mark and there is a more possibility of continuation of profit booking in Nifty from the highs.
Last Week Nifty Index made an all time high of 9913 and closed at 9886. ended slightly lower on Friday after breaching the 9,900 level for the first time as investors booked profits after four straight sessions of gains,
However, both the NSE and BSE indexes posted their biggest weekly gains since mid-March. The NSE index gained 2.28 percent this week, while the benchmark BSE index. The biggest gainers of the session on the NIFTY50 were Aurobindo Pharma Ltd. GAIL, ACC and the top sectors for the week Infra Power and Banks
Biggest losers included Indian Oil Corporation Ltd. TCS, TATA MOTOR,
Cash Flow Analysis:
FII’s sold 3.7K contract of Index Future worth 310 cores, 2.5K Long contract were liquidated by FII’s and 1.2 K Short contracts were added by FII’s. Net Open Interest decreased by 1.2 K contract, FII’s to exit long and enter short in Index futures.
FII’s Long to Short Ratio at 1.97, lowest in the series FII’s bought 673 cores in Equity and DII’s sold 136 cores in cash segment.INR closed at 64.54
Eye to watch: ACC, JUBLIENT FOOD, AMRIT CORP, HINDUSTAN MEDIA
In our previous note, we had mentioned about the possibility of Nifty testing the 9900-level on Friday nifty marked 9913. In line with that analysis, the index tested this level while ending the day Nifty50 also reacted from these levels, as it happened to be a pattern area resistance. The market closed on resistance level 9,900 likely to act as key resistance ahead, as the market remains in the uncharted territory, while supports will come in at 9,840 and 9810 levels and major support 9750 and major resistance 9950,10000
The market is overbought and the lead indicators remain in the overbought territory. We advise traders to avoid long higher levels, remain stock-specific and continue to protect profits at higher levels vigilantly as we chase the momentum.
RSI is 75.4. According to RSI analysis, nifty is overbought.
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