Thursday, May 13, 2010

Bulls regaining control after the strong bounce


Yesterday markets saw a powerful bounce the moment 5100 levels were broken and it looks like bulls are gaining control again.

Any move above 5180 would push markets to test 5250 levels which will act as a resistance and on a close above that, markets are headed to a new year high of above 5400 levels.

5000 puts saw a huge increase in open interest yesterday which mostly could have been due to writing indicating further bullishness.

Resistance levels : 5173, 5211, 5250

Support levels : 5136, 5128, 5106


-Happy Trading

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