Nifty opened the week at 9936.8, made a high of 10114.8, low of 9919.6 and closed the week at 10014.5 with a gain of 99.25 points 0.99%). Nifty closed above five figure milestone for the first time
Options data for July series indicate highest Call Open Interest is at the strike of 10100 /10200 and highest Put build-up is at 9800. Last expiry highest call built up at 10000 and put built up was at 9800 level. Now that call built up shifted to 10100/10200 level. It is noted that huge open interest added to 10400 / 10500 call strikes.
Global Indices : Most of the major benchmarks ended the week modestly lower, although the Dow Jones Industrial Average recorded a decent gain
FIIs and DIIs are net buyers in cash market.
We have discussed in the post dated 3rd June “In the earlier rally from March 2016, on first 5 months Nifty made 1813 points and on the current rally from December 2016, Nifty made 1727 points, short of 85 points. So it is almost achieved price wise. Earlier rally from March 2016 long for 6 months. So if it achieve price wise compared to earlier rally Nifty will reach in a price target of 10037 level.” Nifty achieved the target price wise and time wise as well.
Last week I have said “Nifty should close above 9928.2 for further upmove, otherwise the present moves seems to be like a double top pattern.” Nifty made a gap up opening above the said level and made a highest closing on first day of the week itself which confirmed further upmove. Higher highs continued throughout the week and Nifty made a high of 10114.85 on Thursday and made a bearish closing. Action formed a counter attack bear candle. Friday Index made a gap down action and made a lower low closing.
Nifty has touched higher end of trend channel and should rebound from there. Nifty would see reversal and enter into negative zone once it closes below Friday low. Oscillators are showing negative divergence in daily chart.
Options data for July series indicate highest Call Open Interest is at the strike of 10100 /10200 and highest Put build-up is at 9800. Last expiry highest call built up at 10000 and put built up was at 9800 level. Now that call built up shifted to 10100/10200 level. It is noted that huge open interest added to 10400 / 10500 call strikes.
Global Indices : Most of the major benchmarks ended the week modestly lower, although the Dow Jones Industrial Average recorded a decent gain
FIIs and DIIs are net buyers in cash market.
We have discussed in the post dated 3rd June “In the earlier rally from March 2016, on first 5 months Nifty made 1813 points and on the current rally from December 2016, Nifty made 1727 points, short of 85 points. So it is almost achieved price wise. Earlier rally from March 2016 long for 6 months. So if it achieve price wise compared to earlier rally Nifty will reach in a price target of 10037 level.” Nifty achieved the target price wise and time wise as well.
Last week I have said “Nifty should close above 9928.2 for further upmove, otherwise the present moves seems to be like a double top pattern.” Nifty made a gap up opening above the said level and made a highest closing on first day of the week itself which confirmed further upmove. Higher highs continued throughout the week and Nifty made a high of 10114.85 on Thursday and made a bearish closing. Action formed a counter attack bear candle. Friday Index made a gap down action and made a lower low closing.
Nifty has touched higher end of trend channel and should rebound from there. Nifty would see reversal and enter into negative zone once it closes below Friday low. Oscillators are showing negative divergence in daily chart.
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