Wednesday, December 22, 2010

Markets closed above 6000 mark, but bears to start showing strength.


After markets struggling to hold on to 6000 levels during intraday, finally closed just a shade above that mark after hovering in a tight range throughout the day.

Option data saw huge increase in both 5900 puts and 6100 calls and PCR is neutral at 0.98.

Though there was a bullish move and a close above 6000 levels, bears still are stronger at this juncture and can push Nifty to below 5900 levels in the very near term.

Resistance levels : 6003, 6034, 6057

Support levels : 5985, 5927, 5885


-Happy Trading

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