Mid Market Report, February 18, 2014 | Stocks and Commodities

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February 18, 2014
Time: 1.10 pm

Mid Market Report:

1. Short covering rally after seeing FII buy figure of more than 550 crores.
2. Short covering is very visible in Banking stocks.
3. Bank Nifty shot up by 2.5%.
4. Asian markets were negative in the morning.
5. Most markets have turned positive after BOJ meeting, Japan stocks shot up by 450 points, that is more than 3%.
6. Europe is likey to open slightly positive.
7. Also whenever open interest crosses more than 1 crore, then that level becomes very strong support or resistance.
8. Yesterday 6000 Put option open interest crossed 1 crore and that will act as a very strong support now.
9. Markets turned decisively positive when most technical analysts were negative about the market.
10. Nifty will find resistance at 6180.