• Nifty opened gap up after which it erased all its gain to close flat at 5432.
• Market is witnessing a sell on every rise which has left market
participants in dilemma to find any near term support from the
• Nifty February futures closed at 10.5 points premium.
• Nifty price and OI data indicate Short covering.
• Outlook for Nifty in coming session remains bearish but a short covering rally cannot be ruled out.
• Volatility India index VIX closed at 23.52 gained 0.88% as market slide down from its intraday high.
• PCR (volume) is at 0.83 as fresh build up were seen at 5400 and 5500 Nifty calls and Puts.
• Fresh build up is witnessed at 5400 call and put indicating a tuff fighting between bulls and bears.
• 5500 call and put has witnessed fresh build up.
• On basis of option data near term range for the market is seen in between 5300– 5700.
• Hotel sector witnessed huge short unwinding as stock like Indian hotel and Hotel Leela witnessed buying interest.
• Media, Sugar and Realty sector witnessed huge short unwinding as
stocks in this sector erased some losses of past few sessions.
• Infrastructure and Fertiliser witnessed fresh short built up as stocks in this sector saw selling pressure.
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Date: 03 February 2011