Tuesday, November 16, 2010

A deciding day to determine the short term trend...


Markets after testing and closing below the 20 DMA in the earlier session at 6072 regained some of that in yesterday's session to close just a shade below the 20 DMA resistance level of 6131.

It looks like today's session will be crucial to decide the short term trend and markets might turn bearish after any initial up move in the later half of the session.

Options data saw accumulation in near strike puts and overall puts still have a lesser implied volatility compared to calls and there is a chance for markets to test lower levels before the close of this series.


Resistance levels : 6129, 6150, 6185


Support levels : 6102, 6060, 6009


-Happy Trading

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