Nifty still at major support areas in price, rsi , macd, stochstic charts.
5 day RSI shows positive divergence( means nifty making lower bottom but RSI not).SUGGEST VERY BULLISH SIGN SO WE MAY SEE GOOD BOUNCE OR RALLY IN MARKET VERY SOON.
in last 6 days we have seen 4 tails(long lower shadow) means markets have recovered from intraday low significantly suggest bulls are entering at lower levels.
********Technicals*****
Nifty still in downtrend.
Long lower shadow formed today also which is very bullish.(2nd day).
Above 4520 only nifty will see upmove otherwise sideway consolidation is possible in 4400-4500 range.(I am now bullish about markets now for short term.)
Support remains at,4400,4350..
Resistance is at 4520,.
*********strong stock futures***** (www.crnindia.com)
Ranbaxy, Lupin, Nicholas Piramal, Sun Pharma, JSW Steel, Devi Lab, Dr.Reddy, Cairn, Sun TV & Glaxo.
*******weak stock futures***** (www.crnindia.com)
Ansal Prop, Unitech, Lanco, Peninland, Bombay Dyeing, Sobha, India Info, Punj Lloyd, JP Asso & Patel Eng .
****Nifty**** ~ June 10~
Nifty future discount decreased to 9 points. Open interest increased by 13 lakh today. (new ‘long’ position---bullish)
***Options**** ~ June 10~
Nifty call options add 14 lakh and put options add 18 lakh in open interest. Thus open interest put-call ratio decreased to 1.48.
********Fund flow*** ~June 9~
~FII index fut -1077 cr
~FII stock fut +123 cr
~FII cash -1341 cr
~Mut cash +1040cr (PROV)
*******total fund flow -1255 cr today & nifty was down by 127 points.
*******So far net fund flow of -3910 cr in june series. (so far nifty is down in june series from 4835- the settlement price)
happy trading and investing.
- dr.jignesh shah
