Nov 30, 2010

EOD Update Nov 30 2010

La Belle Dam Sans Merci ----

Shorters trapped today . But today was not a short covering day .Today Bulls were really back in action owing to the positive GDP data . After the initial sell off NF stabilized and moved to clear major resistance of 5840 - 5860 -5880 and even moved higher. The momentum is clearly in favour of bulls .. I would term it a cautious optimism.The reason being while 5900 puts OI increased not much covering in 5900 calls -- Implies that still 5900 - 5925 NF is a decent resistance to cross.Only a Gap up can clear that resistance or  a fast rise setup.

For tomorrow 5837 - 5845 NF would provide a good support and any dip towards 5840 may be utilized for buying. 5925 NF is a resistance to be cleared above which we may move sharply to 5987 - 6041 level.For a short term Bulls are back with vengance so any dip should be used for buying. On the NF chart today closing makes a bullish engulfing candle which suggests upside.


No comments:

Post a Comment