Nifty back in action !
Nifty has gained back the early losses made earlier in the beginning of the month. Opening strongly today morning with close to 3% gain it is inching closer to the resistance levels seen earlier this year. 
The first resistance to be tested will be around 2980 and after breaking this level Nifty to pounce towards the next resistance level of 3100. With the global trend it seems that the Nifty will reach 3000 levels within the end of the week.
Something like the 3000 near month call (Mar) looks like an ideal trade with premiums around Rs. 4. Again expecting the market to move close to 200 pts more this week (4 days) seems too much to ask but it seems like a good bet to take given the risk is only 4 Rupees of premium.
1 comment:
Movement is unusual, considering that overnight US markets ended negative. Though Asian ques were positive, a near 5% rise without any real tigger may give way to a decline later this week.
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