8:19 AM
Unknown
Despite
repeated attempts by bears, bulls have managed to protect the important level
of 4700 in Nifty futures. However, island reversal with gaps between 4884 and
4902 is weighing heavily on bulls as they have failed to lift Nifty futures
above this zone. Considering the current scenario, important levels to watch
are placed at 4700 and 4950, respectively.
In
case of Nifty breaching 4700, the next support is visible at 4500 level
according to data. but Nifty futures needs to surpass the resistance of 4950
convincingly for moving towards 5100 mark.
Nifty’s open interest put-call ratio (PCR) stands consistently above 1.45 levels and India VIX (Volatility index) is precariously poised above 35. Both of them point towards the fragility of global financial environment, which is mirrored in the options data. After selling more than . 14,500 crore (cash segment) in August and September, FIIs continued their derisking spree with selling of equities worth . 1,800 crore in the first two days of October. Banking and metal stocks continue to accumulate short positions.
In present market conditions and in chart, my opinion nifty will not take support at 4700,But it’s a chance for U turn from current level.
Nifty’s open interest put-call ratio (PCR) stands consistently above 1.45 levels and India VIX (Volatility index) is precariously poised above 35. Both of them point towards the fragility of global financial environment, which is mirrored in the options data. After selling more than . 14,500 crore (cash segment) in August and September, FIIs continued their derisking spree with selling of equities worth . 1,800 crore in the first two days of October. Banking and metal stocks continue to accumulate short positions.
In present market conditions and in chart, my opinion nifty will not take support at 4700,But it’s a chance for U turn from current level.