Monday, November 14, 2011


Nifty has closed at 5168 after tasting an intraday low 5142. Nifty has succeeded to close above 5150 level on Friday, a positive sentiment continued above this level. Nifty had not breached its support area on Friday’s session amid the European bad news. 5200 strike rate call has been short sold while 5100 strike rate put had a lot of action on Friday, it confirmed traders are positive above 5100 level and 5200 may act as a resistance level for Nifty. Sudden news came from Italy and Europe eases, U.S.  Markets climbed around 2% on Friday. Asian markets are following the International clues and jumped in early morning on today’s session. SGX Nifty is trading at 5260 level. Nifty may face resistance around 5300 level. If Nifty sustains 5300 level for 2 to 3 trading sessions, Nifty may rally more than 100 points in few trading days. Only risky traders may short sell Nifty at 5260 level early morning with the strict stop loss of 5320 and target may 5200 -5180 for today.