Wednesday, August 18, 2010

Markets still hovering in a tight range...


Yesterday was a neutral day with markets hovering around the crucial level of 5430.

Options data saw an increase in open interest in all the near strike put and call pointing to a range bound move.


The PCR is at 1.36 which is a bullish sign and after testing lower levels markets might make another attempt towards 5485 levels for the day. It is still better to stay away for a while and focus on individual stock picks and wait for markets to give a decisive breakout before initiating further trade. The key levels remain the same.

Resistance levels : 5434, 5462, 5485

Support levels : 5401, 5385, 5368



-Happy Trading

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