Thursday, December 31, 2009

A new year high close of 5235 for the expiry ?!


Nifty has been hovering in a range for the entire month and now it is the last day of the december series.

The pattern favours bulls to a great extent and it is bears who are trapped in the last week. Nifty has been waiting to breakout of the 5200 barrier and it looks like it might be able to do so today and possibly close around 5235 levels.

Options data as far as volume PCR is concerned is neutral. There has been massive unwinding of 40% in 5200 put with a large turnover and some increase in 5200 call. This points to some sort of bearishness, but then bulls having established a strong upperhand might be able to push higher today.

Resistance levels : 5197, 5235, 5265


Support levels : 5161, 5145, 5128




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Happy Trading
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