Wednesday, October 27, 2010

A mild bullish penultimate session before bears take control for expiry tomorrow


Markets were confined to a tight range yesterday and faced stiff resistance around the key level of 6125 and closed for the day below 6100 at 6082.

The PCR at 0.91 is still favouring bears to a small extent and options data did not see major change in open interest in positions except in 6200 call which added another 7 lakhs and is ruling high at 83 lakhs.

Overall there could be a bullish move for the day and Nifty might even test levels of 6125, 6136 for the day before bears take control of tomorrow's expiry session and push it towards 6000 levels.

Resistance levels : 6095, 6125, 6136

Support levels : 6075, 6066, 6050


-Happy Trading

No comments: