Thursday, September 23, 2010

Consolidation and range bound moves till this expiry


Markets corrected in the initial part of the session and regained towards the end and closed a shade below 6000 levels yesterday.

Options data is seeing heavy increase in both 6000 calls and puts with negligible action in 6100 puts and 5900 calls.

This points to a neutral move with 6000 as the pivot till the end of this series.

Any strong directional move is likely to be nullified by a equally strong move on the other side till this expiry and market is also likely to trade in a range of 5931 to 6065.

Resistance levels : 6014, 6042, 6065

Support levels : 5981, 5946, 5931




-Happy Trading

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