Monday, January 2, 2012

EOD Analysis for 2nd January 2012 and Outlook for 3rd January 2012

A muted start to the day with OI in Nifty futures around 21 million; then with the first leg of falls, another 1 million added to the OI. This kind of volume can't take the index significantly up and sustain nor cause a severe fall as such. It was good to see a good short covering session in the 2nd half of the day.

With FIIs still on holiday, the action may be a bit muted; again would like to repeat that 6th, 9th, 10th and 12th Jan are heavy weightage days as far as price action is concerned [as of now can't say which days are up and which days are down but the moves will be strong with at least 150 odd points on either side from EOD 5th Jan Nifty value]

Critical levels remain the same as I gave last year!!! [please see the post on 30th Dec '11]

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