Tuesday, November 15, 2011


Following the negative trend, Nifty closed down 20 point yesterday. After the strong clues from international markets Nifty opened with higher note but could not sustain over 5200 level and Nifty washed out its earlier gain closed 5148 near an intraday low. Traders were comfortable to short sell 5200 strike rate call with huge volumes in Nifty option. Now 5200 and 5250 levels became the strong resistance for Nifty. Quarterly results had depressed the market sentiments and European markets clues affect the Indian market gains. Now Nifty is oversold in hourly charts and 5100 immediate support. U.S. markets closed in negative area and Asian markets are following the trend.SGX Nifty is trading 5123 level. Nifty may bounce from 5100 level in today’s session. If European markets support the positive sentiment, Nifty may buy near 5100 level with the strict stop loss of 5080 and target may 5200 for today only.