Now we can see movement in either of the direction and same can happen before derivatives expiry which occurs on 23 Feb 2012. A sure shot movement will occur after expiry and best is to go for straddle in such scenarios to benefit with breakout moves. Keep this date under observation and we may see market consolidating for some time before making a headway in either of the direction. Till the time Nifty sustains above the level of 5500, we have a hope of Nifty touching 5600 and higher levels upto 5700. Analysis of call and put option data suggests that 5400 is going to act as a good support and 5600 is going to be a good resistance as highest open interest (OI) is seen in 5400 strike price and to act as resistance we are seeing highest OI at 5600 levels. Make sure that you utilise this opportunity to make money with accurate breakout stocks as correct information at right time yields maximum returns. The daily trend of nifty is in Up trend and market breadth, which indicates the overall health of the market, was positive. Out of the 3374 stocks traded on the BSE, 1836 advanced, 1426 declined and 112 remained unchanged.
Keep an eye on global markets as now our market will take cues for some time from global indicators. The delay by the European leaders to bail out Greece affected investors as without the bailout, Greece could face a messy default risk.
Support and Resistances for the Day
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Strong future shares at National stock exchange
IFCI, HDIL, LITL, Dena Bank, BGR Energy, HCC, UCO Bank, Rpower, WelCorp & Jet Airways.
Weak future stocks at NSE
Cipla, Divis Lab, Coal India, Video Ind, Hind Uni Lvr, Bharti Artl, IOC, BRFL, Tulip & Patni.
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