EOD Update Nov 18 2010

Was today an expiry day ???

Remarkable day NF falling on low volumes Buying emerging at supports and shooting up.The Support levels of 5950 NF was held after some panic.A 100 point gain both on short side and buy side. Really a Day for traders.Looking at the charts after the panic fall NF stabilized and moved up and volumes too were good on the up swing. Today's action shows a clear sign of reversal but more confirmation needed with a close above 6141 NF the reference level. Look at the Bullish candle with a long lower wick indicating buying pressure with volumes on the chart.

Yesterday i talked about decoupling from global markets and the same happened today.Will this continue ?For tomorrow we would see a gap up around 6075 - 6085 NF much above the resistance of 6047.. the part booking level for call and longs and above 6095 NF straight way to 6141 NF.SL for all longs continue to be 5900 NF on closing basis.

I am still holding 6100 and 6400 calls all to be squared at 6141 NF.