NIFTY OUTLOOK FOR MONDAY

Buy ICICI bank 960 put @ 14 tg 21,27 sl 6

NIFTY OUTLOOK FOR TOMORROW

Nifty could not sustain the opening level of 5648, it dropped till 5543 in intraday trade at the same time made a high of 5571.A test of the major support zone around the 5500-mark. The whole range between 5530 and 5500 is likely to act as a strong demand zone and the 5500-mark providing psychological support. ....

 If the above range gets tested we anticipate another round of short covering and that might lead to an upward spike in consonance with the nature of short covering rallies that are known for their intensity and fast movements. Be wary of taking of fresh short positions when the index comes close to 5540-mark. If for any reason, the market falls below the 5500-mark, expect strong support from 5470 through 5450 range..

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RESISTANCE:5500,5540, 5580

SUPPORT:     5540, 5520, 5500