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Tuesday, 22 October 2013
NIFTY VIEW --->
Last Close : 6226.15
Yesterday FIIs bought 55720 contracts of Index futures and sold 50325 contracts of Index futures which come to net buy of 5395 contracts worth 167 crores with net open interest increasing by 6779 contracts.
Thinking about all preceding details it seems that FIIs did short covering in Nifty Futures and still in Bank Nifty, Still no indication of fresh long.
Huge buying from FIIs is the top reason why a Nifty future is now above 6200 mark. Global liquidity supported market, therefore now trading at 3 year high!!! As per data with SEBI, FIIs so far in 2013 had invested Rs.80174 Crores!
What for Today And for Future Days?
Now for upcoming few days we see a range in Nifty future, may be 6143 on the lower side and 6350 maximum on the upper side..!!! Market likely to stay very changeable in coming months.
On specialized charts, it seems that Zig Zag pattern, which started from the lows of 5118, is in its last leg of upmove which has an instant target of 6282.
Theoretically saying, the Nifty has crossed the 6150 mark and now faces resistance at the May 2013 highs at 6239.
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