Expect Nifty to slide back to 5880 levels - IIFL

Nifty on hourly chart has made a ending diagonal pattern which suggest markets might move down in near term. Major moving averages have not proved out to be major turning points in the last few trading session. We expect Nifty to remain under pressure after opening gap down on back of measures taken by RBI. Expect Nifty to slide back to 5880 levels before showing any meaningful pull back.

Sensex July future which shed 9210cont in open interest has seen unwinding.

On option front, BSE100 June 6,000 strike call which shed 121300cont in open interest in has seen unwinding in yesterday trade, while put buying was seen at BSE100 June 5,700 which added 114250cont in open interest.

Source : Equity Bulls

Keywords