Nifty may test 5900-5980: Aditya Birla Money

Written By Unknown on Senin, 29 April 2013 | 10.54

According to a technical report by Aditya Birla Money, with some fresh longs in Nifty continue along with cash buying seeing higher momentum, Nifty may test higher levels 5900-5980 levels.

NIFTY PCR_OI starts new expiry at 1.05 (higher opening in last 3 months), with 5800 and 5700 PE saw addition of 2 and 3 lakh shares total OI 51 and 49 lakh shares on other hand 5900 and 6000 CE saw addition of 4 and 6 lakh shares with total OI at 46 and 39 lakh shares (PCR-OI of 5800 and 5900 at 1.35 and 0.65) implying immediate short term NIFTY will trade in range at 5750-5950 levels.

INDIA VIX corrected 2% at 13.88 below 14 levels, we have to watch for if moves below 13.5‐13 and sustains below this levels, Bulls will be back in action NIFTY may retest higher levels at 5980-6030 levels.

FIIs continue to be buyers in NIFTY Fut. Rs 290 Cr. (long position seen.); buying continues in MAY series INDEX Options buyers 16 Cr (hedging continues as VIX reaching 13.5 levels, quantum is too less, implying FIIs expect volatility to remain range bound), stock futures continue to be sellers 479 Cr; buying continues in cash with momentum maintained 225 Cr., with some fresh longs in NIFTY continue along with Cash buying seeing higher momentum, NIFTY may test higher levels 5900-5980 levels.

Over all PE writers continue to form aggressive positions, Index will find support 5750-5800 levels.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.



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