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Nifty Futures Outlook - 02/02/2011
• Nifty continued its sell off as markets are down in trade for 5 consecutive days.
• Heavy Institutional selling clubbed by soaring Oil prices has plunged market down by 1.61% to close at 5417.20.
• Nifty February futures closed at 12 points premium.
• Nifty price and OI data indicate heavy short build up.
• Outlook for Nifty in coming session remains negative but a short covering rally cannot be ruled out.
• Volatility India index VIX closed at 23.73 gained 1.36% as market slide down with huge ferocity.
• PCR (volume) is at 0.85 as fresh Put buying and heavy call writing had been witnessed.
• Heavy Call writing seen in Nifty Feb strikes of 5400, 5500, 5600 and 5700 call.
• Fresh long build up at 5400 Nifty Feb put.
• Profit booking seen at 5500, 5600, 5700 and 5800 Nifty Feb puts.
• On basis of option data near term range for the market is seen in between 5300– 5700.
• Realty sector saw huge selling pressure as the sector went down in
trade close to 5%.Stocks like Unitech, HDIL etc were down in trade by
10%, & 5% each respectively.
• Infrastructure followed realty sectors foot steps as it witnessed
selling across the board some of the top losers were GVKPIL (-3.8%),
• All Major sectors closed in Deep Red.
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