Thursday, December 16, 2010

A pause before resuming upward journey


Yesterday markets corrected nearly 1 percent and closed the day at 5892 breaking the 20 DMA barrier below.

Options saw a good increase in open interest towards the very end of the session in all the near strike out of the money calls of 6000, 6100 and 6200. PCR increased to 1.20 which is favouring bulls to some extent.

Overall market is likely to move up to 6030 levels soon. Tomorrow being a holiday the levels can be reached early next week after one more day of consolidation today.

As of now, it is a buy around 5857 levels with target of 6030 in the very near term.

Resistance levels : 5927, 5947, 5985

Support levels : 5885, 5857, 5834


-Happy Trading

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