Nifty Snaps 2-Day Winning run

Yesterday Nifty managed to break the shackles of range trading of the previous nine sessions to exhibit a strong rally to 52-week highs of 8641.
Today the story was different. Nifty made a new 52 week high of 8644.9 but could not sustain. Heavy selling after some companies posted their results shook the bulls. The index ended with a loss of 0.50% to close at 8590.65. Nifty faces resistances at 8650 and 8700  and on the downside support is now pegged at 8500.

In the cash segment Foreign institutional investors (FIIs) were net buyers to the tune of Rs 671 crores and Domestic institutional investors (DIIs) were net sellers to the tune of Rs 418 crores.

In FNO segment, FIIs bought 5,786 contracts of Index Futures and sold 2,920 contracts of Index calls. They also sold 3,601 contracts of Index puts.
FIIs used today’s fall to add net longs in Index futures and would have added shorts in Puts too.
DIIs  are net short by 16,084 in Index Futures contracts.