Nifty Trend – Last week the Nifty Index ended flat at 5452.10 gaining just 0.24%. On the derivatives front the Nifty Futures ended at a premium of 4.35 points. The Nifty futures prices have ended flat along with rise in the cost of carry and overall addition of open interest; this is an indication of some longs being built in it at lower levels. For the coming week Nifty would continue to face resistance at its 5510 mark and a decisive crossover above this mark will only provide strength to it and in that case the next may head towards its next resistance mark of 5550/5580 whereas on the downside strong support continues to exist in the zone of 5350-5280.
F&O Trend
The CNX IT Index was an underperformer last week and it slid 2.29% to end at 6116.70. On the derivatives front we have seen that the CNX IT futures have ended at a premium of 11.95 points. The futures prices have declined along with an overall shredding of open interest and rise in the cost of carry; this is an indication of
long closure in it at higher levels. For the coming week the CNX IT Index support is seen at 6055/5990 levels whereas on the upside resistance is seen at 6220/6300 levels.
maximum addition of open interest on the call options front is existent at strike price of 5500 & 5600 (with 81.03 & 92.46 lakh shares outstanding in open interest respectively) indicating this as the resistance zone on the upside whereas on the put options front we have seen maximum addition of open interest at strike price of 5300 (with 1.14 crore shares outstanding in open interest) indicating it as a strong support on the downside.
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