SGX Nifty opened at a gap up of 55 points today morning. However sell off was seen yesterday in the last hour in NIFTY to the tune of 60 points. This selling was seen on the back drop of the European markets sell off. To consider this as a trend change of Nifty, from Buy to Sell, the open interest data has to show selling, though the data did not reflect any selling by the FII and Proprietor yesterday. This suggests that Buy trend in NIFTY is intact. The Global Markets sell off yesterday was due to strengthening of Euro currency. Moreover, yesterday's selling was noticed after NIFTY Futures tested the month 1 high resistance of 7620. The Banking shares were relatively weak since the start but CNX IT was supportive of the weaker dollar. NIFTY remains in short term buy trend until confirmed by the Open Interest Data.
Submitted March 18, 2016 at 01:02AM by ShaileshSaraf http://ift.tt/1R2UQ1N
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