Last close 6164.85
Nifty closed down 30.40 points at 6156.90 while Nifty futures closed at 6164.85, premium of 7.95 points. FIIs bought in Cash, net buy 753.37 Crore while DIIs sold in Cash, net sell 764.32 Crore. FIIs bought in Index future, Index Option but sold in stock future, net buy 1068.40 Crore.
No participation is seen from traders but still liquidity is strong.
Few other technical indicators such as the RSI and stochastic momentum oscillators are now in the overbought zone and signals for a more cautious approach. However, so long as the market stays above the previous weekly low, the bulls clearly have the upper hand. This level is now at 5970.
FIIs bought 50494 contracts of Index futures and sold 46547 contracts of Index futures which come to net buy of 3947 contracts worth 116 Crores with net open interest increasing by 12307 contracts.
Considering all above facts it seems FIIs went short in Bank Nifty, Nifty futures…!!!
The global liquidity-driven rally now seems as risk as most global markets now appear ‘overbought’ with valuations quite expensive. Technically for intraday, the Nifty now faces resistance at 6230 with support at 6140 levels. Now below 6140 we see it sliding to 6093 mark, break could even take this to 6055 mark. Sell on higher levels keeping strict stop loss of 6230 would be our strategy for intraday.