Monday, May 24, 2010

Bulls to push markets back above the 5000 mark !!


On friday, the markets dipped below 4900 levels to see a strong bounce thereafter.

The suggested buying of 5000 calls, when Nifty was at 4850 doubled by the end of the day on friday.

Looking at the options data, the build up is heavy in 5100 calls and above as well as 4800 puts. 4900 puts saw huge unwinding and Nifty might sway between 4900 and 5100 levels before settling above 5000 for the expiry. As of now there are not enough indications of Nifty breaking 5100 levels and moving higher though that also seems to be a possibility.

Resistance levels : 4951, 4994, 5020

Support levels : 4919, 4906, 4885


-Happy Trading

No comments: