MARKET TREND:
Friday and Saturday (spl session) together nifty gained 12 pts only by increasing OI of 45256 contracts. In these 2 sessions FII are in selling side of 24616 worth of Index Futures (34936 contract sold and 10320 worth of shorts square off). Nifty levels become very critical: if the Nifty gets resistance at 6562/6575, it may test 6430 level again and if it breaks 6360 level may gets support. As we see the OI crossed more than 2 cr level and pc ration is below 1, we may witness short coverage/new positions with higher volatility in this week between tha trading range of 6430 -6575. As Nifty Derivatives' highest OI range is lying between 6400-6600, traders may trade with in range till closes beyond this ranges.
Today market open with positive bias and likely to get resistance at higher level, trading with strict SL is advisable.
NIFTY SPOT LEVELS:
Pivot: 6501
Resistance: 6515/6538/6553
Support: 6478/6463/6440
NIFTY FnO BAN: LnTFH
STOCKS FOR DAY:
FEDERAL BANK EQ: BUY > 88 TRG 89/90 SL 87
ADANI PORT EQ: SELL < 182 TRG 179.50 SL 184
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