Nifty opened on a positive note with positive [albeit temporary] positive news and today the volumes were encouraging with the rise; Nifty futures had an OI of almost 28 million throughout the day and Banks led the way along with Capital Goods and Reliance. Weakness will come in only with a close below 9500 and until then one should retain hedges on shorts until BNF does not show volume and momentum to the DOWN below 9650-680 levels.
2 consecutive closes above 9750 will open BNF for a retest of 10k levels whilst a close below 9500 opens BNF for a retest of 9000-9250 levels. For Nifty 5032 is extending its support and safe to assume that this may hold until Friday as well. On the upside, 5092-5125 zone was successfully tested and now the onus on bulls is to stage a close above 5150. With a close above 5150, Nifty can get a lot of steam to gain upto another 144 points filling up that gap of 5177-5328 on the upside. Markets are not out of the woods but for those expecting the down gap 4750-4880 [including me personally] - this will only happen after Nifty posts a close below 4880. The volatility factor seems to be a bit under control now as yesterday's fall did not trigger a big increase in VIX whilst today's rise has brought VIX to sub-25 levels [though this does not warrant complacency for bulls as it could simply be a ploy of hot money trying to suck out options premium and accumulate them at lower prices!]
Also it was strange to see the way Nov 4800 Put behaved today - at spot price of 5115 in the middle session, it was quoting 41 a piece and then towards the end even with Nifty at 5140+ on spot price, it managed to quote 42 a piece [whether this is accumulation or simply a lot of retail traders jumping on to OTM Puts remains to be seen towards the end of this week] Yesterday, similar behaviour was seen at the Nov 5200 Calls that extended significant premium towards the end of the session [at Nifty spot 5025, the 4800 Put was going for 70 a piece whilst the 5200 Call was going at 80 a piece] Whilst the options data do contain a lot of noise, even amongst the top stocks, some divergence was seen
Banks had a stellar gain and same was the case with LnT, DLF and marginal gains from Reliance. However, Infosys still maintaining a close above 2700 showed signs of tiring out and likewise with MnM. Good short-covering seen in IDFC, Tata Motors whilst TCS still remains a laggard.
2 consecutive closes above 9750 will open BNF for a retest of 10k levels whilst a close below 9500 opens BNF for a retest of 9000-9250 levels. For Nifty 5032 is extending its support and safe to assume that this may hold until Friday as well. On the upside, 5092-5125 zone was successfully tested and now the onus on bulls is to stage a close above 5150. With a close above 5150, Nifty can get a lot of steam to gain upto another 144 points filling up that gap of 5177-5328 on the upside. Markets are not out of the woods but for those expecting the down gap 4750-4880 [including me personally] - this will only happen after Nifty posts a close below 4880. The volatility factor seems to be a bit under control now as yesterday's fall did not trigger a big increase in VIX whilst today's rise has brought VIX to sub-25 levels [though this does not warrant complacency for bulls as it could simply be a ploy of hot money trying to suck out options premium and accumulate them at lower prices!]
Also it was strange to see the way Nov 4800 Put behaved today - at spot price of 5115 in the middle session, it was quoting 41 a piece and then towards the end even with Nifty at 5140+ on spot price, it managed to quote 42 a piece [whether this is accumulation or simply a lot of retail traders jumping on to OTM Puts remains to be seen towards the end of this week] Yesterday, similar behaviour was seen at the Nov 5200 Calls that extended significant premium towards the end of the session [at Nifty spot 5025, the 4800 Put was going for 70 a piece whilst the 5200 Call was going at 80 a piece] Whilst the options data do contain a lot of noise, even amongst the top stocks, some divergence was seen
Banks had a stellar gain and same was the case with LnT, DLF and marginal gains from Reliance. However, Infosys still maintaining a close above 2700 showed signs of tiring out and likewise with MnM. Good short-covering seen in IDFC, Tata Motors whilst TCS still remains a laggard.
1 comment:
Dear Nagi,
Writing outside the context of this blog.
First of all a great initiative. If you could look into some basic aspects, the user experience on these blogs would improve.
I can see some images as background on all the blogs. They are mostly hidden and consume a lot of bandwidth. They are worth deleting. A contrasting color will do as good and would have negligible load on the medium.
In harshal's blog, the forground is also an image, which not only makes the text unreadable but also burdens the bandwidth. That can also be deleted. A small thumbnail to depict Harshal's spidery acumen would do well as a symbol.
I think these two implemented, the speed to get the page displayed will improve a lot.
Hope these suggestions make sense and you address them appropriately.
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