History repeats itself with INFY dropping over 8% on open and steep cuts witnessed on all sectors [the expectation was a sectoral churn for today but that was not to be!]
OI in Nifty futures only had 1 million added compared to yesterday despite the fall today and premiums are still healthy on Nifty futures. Critical levels and outlook remain unchanged from previous post and closing below 5225 can inflict more pain for bulls. The premium on BNF futures are a bit disturbing
Just as was the case in previous quarter, one may look at a potential short-covering opportunity in CNXIT for a 50% retracement of the fall after TCS results are out; the fall started from 6200 odd levels on CNXIT July futures and a bottom may be formed in the 5600 zone thereby, giving an opportunity for about 200-300 points
The typical behavior of CNXIT around results season was covered in this April '12 post
http://niftyparadox.blogspot.in/2012/04/eod-analysis-for-16th-april-2012-and.html
OI in Nifty futures only had 1 million added compared to yesterday despite the fall today and premiums are still healthy on Nifty futures. Critical levels and outlook remain unchanged from previous post and closing below 5225 can inflict more pain for bulls. The premium on BNF futures are a bit disturbing
Just as was the case in previous quarter, one may look at a potential short-covering opportunity in CNXIT for a 50% retracement of the fall after TCS results are out; the fall started from 6200 odd levels on CNXIT July futures and a bottom may be formed in the 5600 zone thereby, giving an opportunity for about 200-300 points
The typical behavior of CNXIT around results season was covered in this April '12 post
http://niftyparadox.blogspot.in/2012/04/eod-analysis-for-16th-april-2012-and.html
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