Morning Snippet for 11th August
Nifty observation
Yesterday there was yet again an indecisive candlestick pattern even though price closed above the inside day pattern.
A doji star on the daily chart close to previous high with negative divergence on RSI indicator shows loss of momentum as price tries to move above the zone of resistances.
Only missing part was the high volume which could have given strong reversal signal.
If today we see price going below 11140 on spot it should confirm reversal, following which we should see levels of 10900. Thus one should initiate short position below 11140.
Activity in Cash Market
•FII Cash: 302 Crs.
•DII Cash: -504 Crs.
MTD:
•FII Cash: 9798 Crs.
•DII Cash: -2637 Crs.
F&O Cues
* FIIs Index futures data were neutral yesterday as they have added 555 long contracts.
* FIIs net position on index futures now stand at 19,118 long contracts.
* On option front, option chain data indicates 11100 to act as support. On upside 11300 will act as resistance as this strike has maximum call open interest.
Q1FY21 Result Calendar
Result Today
•Adani Ports
•Motherson Sumi
•Bosch Ltd