Markets opened lower and momentum on the downside gradually intensified as the day progressed which led the indices to close in red. On the sectoral Realty, Auto, Power led the fall whereas IT and Teck ended with marginal gains. The advance decline ratio was in favour of declining counters (Advances = 940/ Declines=1429).
Future Outlook: I In coming trading session if nifty trades below 6102 levels then it is likely to test 6050 – 6000 levels. However, if nifty for first hour trades strongly above 6130 levels then we may see upside momentum up to 6146/6200 levels.
The undertone is positive in the market and there is high probability that buying at lower level is likely to emerge.
Nifty Spot::
- Short term indicator turn down with negative divergence..
- Overall short term momentum bearish as far as Nifty stay & close below 6146
- In intraday trading on 22nd May. Wait & Watch
For Intra if index sustain abve 6128 than trend vl b up for bulls & if Nifty sustain blw 6114 & breaks 6102 than bears vl drive mkt
- Resistance for up move at 6128/6146/6200-
Supports at 6105/6084/6040
Open Interest of derivative segment decreased to Rs 114533.44 Cr vs Rs 114877.39 Cr.
FIIs net buyers in index futures to the amount of Rs 384.71 Cr and in index options net buyers to the amount of Rs 357.57 Cr.
Put-Call Ratio at 1.01 vs 1.15. (Bearish).
