Nifty had a wonderful run yesterday, making new highs for the series and for the year.
The fact that there was also a powerful 'W' bear trap at 4865 levels and a close almost at day high indicate that this market has to run up for a while with a gap up open today.
Another interesting fact is that the PCR is skewed too much and is at 1.77. There has been massive writing in 4800 puts as well as 4900 puts and what it really points at this stage is that the expiry could even be higher than 4900 levels.
There has not been too much of an activity in the call side and is expected to happen today if 4930 is broken. This momentum can now even push the markets to almost test 5000 levels.
It is better to fasten the seat belt and ride the momentum wave with a trailing stop at 4850.
Resistance levels : 4939, 4961, 4991
Support levels : 4890, 4865, 4832
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