Tuesday, February 1, 2011

NIFTY NEXT-NIFTY EOD 01 Feb 2011 Technical Analysis


Nifty-Spot today ended at 5417.20, down by -1.6% with formation of Bearish Engulfing Candle on Daily price chart. Nifty Slides from its higher level of 5539 and finds support at our level 5400 (Nifty low-5402) on 01 Feb 2011.As per Volatility Skew of Nifty Options, VS is increasing for Puts and decling for Calls.5200 PE & 5700 CE has seen huge Traders Interest today. Technically , RSI is over sold zone and has given Buy Signal  while MACD is still in Sell Zone. As per Our NNI-Nifty Next Indicators, which declined by -28% in today’s Trade is now trading at +3.5 along with increase in Traders’ Interest & Volume , suggest that Nifty may see again Selling on 02 Feb 2011.

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