Friday, November 12, 2010

A correction and a bounce to complete the consolidation for the week


Yesterday markets had a significant correction and closed for the day below 6200 levels at 6194 after breaking the support of 6203.

A retest of 6150 levels has happened right now and market is hovering around yesterday's close at this stage.

There is build up in the near strikes o f both puts and calls at this stage and PCR being at 1.01 is indicating a neutral stance at this stage which would complete the consolidation for the week. Pattern-wise markets are still under the control of bulls as long as 6150 level is held on a closing basis.

Resistance levels : 6203, 6234, 6265

Support levels : 6185, 6150, 6129




-Happy Trading

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