Friday, August 20, 2010

Consolidation after reaching range high and weekly target ...



Yesterday markets had a strong up move crossing the barrier of 5500 and making a new year high. It reached the weekly target of 5523 and also closed at the last resistance level of 5545.

Options data saw huge increase in open interest in the near strike puts including 5500. 5600 calls also crossed 1 crore mark. Overall it looks like markets might consolidate between 5485 to 5565 levels for the rest of the series. The range expansion which came in yesterday is likely to shrink back.

Resistance levels : 5545, 5565

Support levels : 5523, 5485


-Happy Trading

No comments: