It was definitely a false breakout and as per our earlier advice all those who had gone short in Nifty with sl 5650 have been raking excellent profits. Analysis of future and options data suggests that Nifty 5200 is going to be a good support as 5200 strike Put is seeing the highest concentration. Thus a technical bounce back may be seen near 5200 level. Nifty will get into bullish mode once it crosses above 5353 which happens to be its 200 day moving average. The positive sign lies in the fact that Nifty has closed above 5200 mark. The opportunity for day traders lies in trading in selected stocks for the day and none can beat the hot stock of the day as one should trade less but trade accurately.
As and when Nifty closes above the level of 5353; we see it heading for 5450 else a break of 5170 level means we are heading for 5000 mark. This week is going to be a crucial week seeing the F&O expiry. The market breadth on the Bombay Stock Exchange was neutral. Out of 3,022 shares traded, 1,474 shares advanced while 1,428 shares declined.
Support and Resistances for the Day
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Strong future shares at National stock exchange
VIP Ind, Tech M, Yes Bank, Welcorp, Century Text, Mcleodrussel, Voltas, Bata India, Bombay Dyeing & Unitech
Weak future stocks at NSE
Adanient, NCC, Renuka, DCHL, Biocon, Pantaloon R, TVS Motor, SRE Infra, Jindal Steel & OnMobile.
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