The 4,700 level, while holds the highest open interest among call options, may continue as a resistance for the market. However, buying in 4,600 and 4,700 strikes call last week, which indicates breakout above 4,700 sometime next week.
Friday, August 14, 2009
Nifty in tight range of 40 points
The Nifty traded in a narrow range of 4550- 4600 throughout the day and ended below the 4600 mark, but could not fall below 4544 (20EMA). Market seems to be firm for further bull run. Stop loss for long position is 4544. The markets saw good gains in this week. The Sensex gained 1.7%, Nifty advanced 2.2%. During this week, Ranbaxy, Tata Motors, HCL Tech were the index gainer; they were up 13%, 12% and 10% resepectively.
The 4,700 level, while holds the highest open interest among call options, may continue as a resistance for the market. However, buying in 4,600 and 4,700 strikes call last week, which indicates breakout above 4,700 sometime next week.
The 4,700 level, while holds the highest open interest among call options, may continue as a resistance for the market. However, buying in 4,600 and 4,700 strikes call last week, which indicates breakout above 4,700 sometime next week.
