MARKET TREND :OPTION CALL FOR 21 FEB 2013

Buy Tatasteel 390 call @ 7 tg 9.90,12 sl 4.20.

The call given of  Titan future in last post achieved first target

NIFTY OUTLOOK FOR TOMORROW

Nifty closed up 3 at 5,942.85, after touching an intraday high of 5,971. It is really the absence of volatility that is causing a concern because markets are doing almost nothing .We need to watch out for the resistance around the level of 5970-mark, which if crossed successfully would lead to a test of 5990. The latter is surely a tough call for the bulls since they might face quite a bit of supply pressure from the bears in that zone...

As of now, our stance is that we have reached a stage where buy on dips is the best strategy to follow  5990 range is decisively taken out we can also start adopting buying on strength as well. We would be back to square one if the index were to slide below the critical support range for the day between 5920 and 5915  in that case, we would once again see narrow range bound trading till the Budget is announced and the market makes up its mind to take a directional call
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RESISTANCE:5960 5990, 6000

SUPPORT:     5940, 5920, 5900