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Monday, February 21, 2011

Is it a Short Covering? Or fresh Buying???

Hi All,

As per yesterday's prediction market went down rapidly. But after that it settles down and then increase rapidly also...

Is it a short covering or fresh buying?

Open interest of mid month has been increased drastically but call selling and put buying was there. Like Nifty Put option 5000, has tremendous buying yesterday. That means people are still bearish, or we can say going long in future people are making hedging positions while buying put. 
Looking at FII  & DII's activity, yesterday they have sold the stocks...

So, today market will open on positive note, it can went up to 5599, but it will not sustain over there, and rapidly it will fall down. Market will be in the range of 5599 to 5400, breakout either of the side will give us good yield.  

Pivot Levels:
P: 5486
Pivot Resist: 5558 - 5599 - 5672
Pivot Supports: 5445 - 5372 - 5332

Technical Support: 5487 - 5456 - 5413
Technical Resist: 5557 - 5599 - 5614

Intraday Stocks:
  1.  GTC Ind: Long Position
  2. Galaxy Ent: Long Position 
  3. Andhra Paper: Long Position 
  4. Union Bank: Short Position 
F & O Stocks:
  1.  Unitech: Long Position
  2.  Titan: Long Position
  3. TCS: Long Position
  4. Renuka Sugar: Long Position
  5. Sesa Goa: Short Position
  6. RCOM: March Buy
  7. Petronet: Long Position
  8. JSW Steel: Long Position
  9. Infosys: Long Position 
Delivery Stocks:
No Stocks

If you have any query please get in touch with me.

Anagha Bhave

[Technical Analyst]

Precise Analysis Pvt Ltd.
7, 2nd Floor, Indraprastha Apt, Near Ambar Hall,
Mayur Colony, Kothrud, Pune 411038

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