Nifty closed the day at 5231.90 up by 33.80 points. Nifty February Future closed at 5244, premium of 12.1 points.
- FII bought in index futures, index options and cash but sold in stock futures (Net buy 2347.2 Crore)
- US market ended Positive.
- Global cues are flat to Positive.
- SGX nifty is Positive as of now.
- Most Active March Nifty Call Option: 5200 and 5300.
- Most Active February Nifty Put Options: 5100 and 5200.
Yesterday nifty traded in good 83 points range and ended with decent gain. On daily candle nifty has formed relatively higher upper shadow compare to lower shadow, suggests some supply at higher level. Important point to note here is that nifty entered first time in highly overbought zone after 1 October 2009. Important resistance placed at 5310 level, which will work as good supply area and little correction from there on will treat as healthy correction. Strong Near term support shifted up to 5100 level.
Current Spot: 5231.90
RSI (7 days): 85.62
Supports: 5216 - 5200
Resistance: 5254 - 5277
Option Open Interest
Buy Nifty above 5248 - 5264 - 5292 - 5314 SL - 5242
Sell Nifty below 5232 - 5220 - 5197 - 5170 SL - 5247
Option & Futures Call
Buy Nifty 5200PE at 28.9 for targets of 35.3, 41.8, 48.5, SL of 26 (Hold for 2-3 days for maximum gains)
Stock is making higher highs and higher lows from last two trading days and yesterday stock has given strong volume breakout. 3 days EMA has given positive cross over to 8 days EMA. Important swing high placed at 125 level , crossing this level stock will invite bull to take charge. Daily momentum indicators are featuring in bullish zone. Looking at all above parameters trader with moderate risk appetite can consider Buy above Rs.125 with tight Stop loss of Rs.121.50 for a Target of Rs.132.
Stock Ideas for the Day
Reliance Industries: Buy above 1078 for targets of 1081, 1087, 1094 SL of 1070
Reliance Industries: Sell below 1064 for targets of 1060, 1055, 1049 SL of 1075
JSW Energy: Buy above 112 for targets of 113, 115 SL of 110.5
Whirlpool India: Buy above 175 for targets of 179, 184 SL of 172
Bharti Airtel: Buy above 295 for targets of 310 SL of 290 (One Week)
Hitachi Home: Buy above 222 for targets of 234 SL of 218 (One Week)
Use strict STOP LOSS in each and every trade in this kind of volatile market and Trade at your own risk.
Thanks and Regards
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