The Nifty barely managed to stay above its support level of 4,290 but lost steam at 4,350 levels. The latter was crucial for keeping the positive bias intact.
Technical analysts expect the market to remain firm as long as the Nifty retains its support of 4,100. The 4,200 put has the highest open interest among all puts, which indicates that the Nifty has strong support at this level.
Foreign institutional investors continued their selling. They have offloaded shares worth Rs 938.09 crore on Tuesday. The Nifty July future ended in discount at 4289.75 against the spot close of 4291.1. It also added 31.31 lakh shares in open interest position, most of which were on the short side.
Among the options, 4200 put and 4500 call were the most active.
US Markets fell 1-2% and Asian peers are trading at flat to negative zone.
We expect market to open at negative to flat zone, pull some downwards and may end with flat to 1-2% gains.
Accumulate budget counters at every fall and exit in next trading sessions and be cautious upto budget.
Overall we advice members to be cautious and take longs with near stop loss.
No comments:
Post a Comment