10 April 2015

NIFTY OUTLOOK FOR MONDAY 13 APRIL 2015

NIFTY FUTURE GIVEN YESTERDAY MADE A HIGH OF 8823 HOPE U HAVE BOOKED PROFIT
The Nifty posts the sixth successive higher close in the wake of a very wildly gyrating trading week! Bulls continue in their domination. Nifty managed to end in positive zone for the sixth consecutive day with at 8780. Intra-day, it moved in the range of 8787 to 8733.
 It needs to take out the 8850-mark decisively to move further up while everybody now seems to be gung about reaching the 9000-mark or posting a new high we need to digest things one at a time: let us first see conclusively that the Nifty takes out the 8850-mark; once that is done then we would like it to get past 8900 – 8950, the next strong supply zone. However, once the latter zone is taken out then there would be high probability of the index attempting to post a new all-time high.
There had been large scale short covering in 8000 through 8600-strike April Nifty calls in that the call option writers have bought back quite a sizable chunk of their erstwhile short sold positions here. The only exception had been the 8700-strike call where they added nearly 2 lakh units in Open Interest (OI). Interestingly, they also added over 7 lakh units in OI for the strikes 8900 through 9000. Thus, selling at higher levels in the Nifty call option market continues to happen. The Nifty put option writers did not, however, show much enthusiasm on Monday  to create fresh positions compared to the quantities they were adding in the past few days…Interesting development; in all likelihood, the last and final battle between the bulls and the bears is going to be fought in Monday’s session—a trading day that could really turn out to be the most significant day for this upswing. 
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RESISTANCE: 8850, 8900, 8950 
SUPPORT:  8800, 8750, 8700

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