Friday, November 4, 2011

NIFTY MAY TASTE 5400 AGAIN


Amid the referendum plan for the bail-out package of Greece, Nifty has consolidated between 5200 level to 5300 level in last couple of trading days. Nifty has taken support from 5200 level and closed 5265 level on Thursday near day’s high. Nifty’s 5200 strike rate put has added 426000 shares in short side in Nifty option, it shows 5200 is the strong support for Nifty in short-term while 5400 is the strong resistance. U.S. markets have gained around 2% in Thursday’s session and Asian markets are trading higher today. SGX Nifty is trading at 5365 level early morning. Nifty may open near this level. Realty stocks rocked on Thursday. DLF may positional buy above 251 level with the strict stop loss of 232 and near term target is 275 -295. Profit booking is advised in Nifty near 5400 level.