17-9-2009 trading shows that the nifty speed was halted at 5000 and nifty closed at 4966+8 points.
Over all view: Now that nifty is facing unwinding pressures in the current series and it may end around 4900 +/- 50 points. Very big rise was seen in many stocks which requires considerable correction before further rise. But lower support level is just around 100 points. Let us see how far correction will happen in stocks prices with in the 100 points fall. As the over all sentiment is bullish for Diwali one has to wait and watch for further rise that may be after end the of the current settlement. Markets will be Range bound for the present week and next week.
- FII bought in cash, sold in index and stocks futures.
- F&O data nifty futures Open interest was decreased means rise is stopped.
- Option writing shows that nifty is converging at 4900 for settlement.
- US markets were at -ve.
- Global markets are -ve. SGX nifty -ve.
- Negative divergence in daily charts means correction for this rise is on the way.
Over all view: Now that nifty is facing unwinding pressures in the current series and it may end around 4900 +/- 50 points. Very big rise was seen in many stocks which requires considerable correction before further rise. But lower support level is just around 100 points. Let us see how far correction will happen in stocks prices with in the 100 points fall. As the over all sentiment is bullish for Diwali one has to wait and watch for further rise that may be after end the of the current settlement. Markets will be Range bound for the present week and next week.
- As open interest in 4800 put of October (17.8 lakh) is increasing one may expect the markets to correct up to 4800 levels before a big rise.
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