Nifty Sell off, FII FnO Analysis for 14 May

• FIIs sold 1312 Contracts of Index Future (NSE Nifty Futures and Bank Nifty Futures combined),worth 39 cores with net Open Interest decreasing by 20896  contracts, so liquidation by FII and no shorts taken as of now. Should Gold be bought on Akshaya Tritiya

As discussed in Weekly analysis for momentum to continue Nifty should cross 6120 else we can see a pullback. Nifty closed below its key psychological level of 6000. It touched a high of 6,104.95 and a low of 5972.90 in trade today. Sensex had the biggest one day fall in 14 months. The fall was accentuated by Trade deficit for April widened significantly to USD 17.8 bn as compared to around USD 10.3 bn in March. As indicated in Morning Rupee heading for breakout

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