Good Afternoon!! Yesterday's Cash Volumes Were Higher then 10 Days Average Volume, Whats the Buzz??
With Nifty moving higher, yesterday's cash volumes were higher then 10 day's average volume. At this level, new buying is definitely not emerging but profit booking is one of the conclusion out of this. Nifty RSI being at 66, still there is steam left in the momentum. PUT-CALL Ratio does not indicating overbought levels instead it is less then 1, market sentiments seems very strong. Short term Volume Weighted Average Prices are at 8598(10days VWAP), 8529(20days VWAP), 8288(30days VWAP). For now Put-Call base suggests the range is still intact which is 8500-9000, any dip is bought in. Yesterday's Nifty volatility shows kind of confusion between Bulls & Bears, with Nifty making new 52 week high but not able to sustain and going below its previous 2 days low and again closing near to its previous day's close. This might be the indication of a big movement happening in coming trading sessions, it could be upside up-to 8900 or downside up-to 8530 which is its 20 days Volume Weighted Average. So long positions should have a stop-loss of 10 days moving average which is 8598, below which it could find support at 8500-8530 as for now.
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