MARKET TREND FOR 23 JAN 2012
Market showed a
significant gain and bulls supported the market to trade up. As nifty has
managed to cross the psychological level of 5000 these days .We find nifty
derivatives have seen both short covering and fresh long build up. Index is
likely to face a resistance between 5062 and 5100,itb would be a real tough
hurdle for it to cross this .The consolidation would imply absorption of
supplies between this supply zone.
The upswing of index
in the largest upswing maintained for nearly a month . But we should remain
alarmed if nifty falls below 4990 then would lead to profit booking by sell off
in market at any time.
Our nifty strangle
strategy is rocking now. Our 4800 put is @2.50 and 4900 call is @161.35 i.e. in
all more than 60% profit. You can book
now 4900 call around RS 160.
NIFTY LEVELS FOR TOMORROW
RESISTANCE1
|
5069.90
|
SUPPORT1
|
5018.07
|
RESISTANCE2
|
5090.60
|
SUPPORT2
|
4987..32
|
RESISTANCE3
|
5141.95
|
SUPPORT3
|
4936.44
|