SENSEX NIFTY
Feb 21, 2013, 09.38 AM IST | Source: Moneycontrol.com

Nifty may face stiff resistance at 5980-6030: Aditya Birla

According to derivative report by Aditya Birla Money, India VIX corrects 1percent at 15.60, still well above 15 levels, one should watch this level carefully if it remains above 14.5‐15.5 levels, bears will have upper hand and Nifty may face stiff resistance at 5980-6030.

According to derivative report by Aditya Birla Money, India VIX corrects 1percent at 15.60, still well above 15 levels, one should watch this level carefully if it remains above 14.5‐15.5 levels, bears will have upper hand and Nifty may face stiff resistance at 5980-6030.

Nifty PCR_OI marginally corrected to 0.92, with 6000 and 6100 CE witnessing unwinding of 1.5 and addition of 1 lakh shares respectively; total OI 75 and 83 lakh shares. On other hand 6000 PE saw addition of 3.9 lakh shares with total OI at 34 lakh shares (PCR‐OI of 6000 is still below 1 at 0.42) implying immediate short term NIFTY may not go below strong support band at 5880‐5930. India VIX corrects 1percent at 15.60, still well above 15 levels, we have to watch this level carefully if it remains above 14.5‐15.5 levels, Bears will have upper hand and Nifty may face stiff resistance at 5980-6030.

FIIs turned buyers in NIFTY Fut. Rs 366 Cr. (Buying emerging in Index Fut.; last week sold 3220 Cr., some fresh longs); post one day buying resumes in INDEX Options 133 Cr ( 7875 Cr. bought in last 15 sessions, hedging startes, however quantum is less), stock futures continue to be buyers 128 Cr; turned buyers in cash to the tune of 433 Cr. volumes and participation picking up in cash front, on F & O front hedging resumes but quantum is less, as VIX correcting marginally from six month high, expect to VIX stabilize here, implying Nifty may continue to trade in range 5870-6030 levels.

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READ MORE ON  Aditya Birla Money, Nifty

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