PMI data Purchasing manufactuing Index was released for european countries and india,Summing the data indicates 80% of the world is now in contraction.Chinese stock market last week made 3 year low, as it is said stock market discounts news well in advance and on Sunday we got the news that Chinese PMI contracted first time in 9 months. always flow with the trend..
FII sold 6935 contracts of index future ,worth 190 cores with net OI decreasing by 6289 contracts
As Nifty future was down by 8 points and OI decreased by 6389, so profit booking happened on longs carried by FII .So FII’s are reducing their long exposure in index future and shorting stock future .
Resistance for nifty has come up to 5295 and 5315 which needs to be watched closely.support now exists at 5238 and 5220.Trend is sell on rise till 5335 is not broken on closing basis.