Nifty 50 shares maintaining it’s up trend. Nifty closed the day with half a percentage profit. The major contribution has come from Banking stocks after HDFC bank’s FDI limit is enhanced. As per our analysis, Coal India & Asian Paints have reversed the trend. Hindustan Unilever and Idea are showing sign of weakness. These stocks are likely to crack down if the down trend continues.
From the technical perspective, Nifty is trading well above it’s 10 & 20 days moving average. The RSI is trading near the over brought level of 70. MACD is also showing the positive sign by trading above zero level.
From the Options side, 8500 strike price Put has 5 Million open interests. There are close to one million shares are added as part of 8800 put strike price. It is likely that smart money is trying create short positions in 8800 levels.