Yet another positive start to the day [and a gap-up] aided by positive global cues; VIX a shade below 25 and significant premium restored on Mar Nifty futures [was expecting a drop in premium as mentioned on Friday which happened for a brief while today but in the last hour, the premium was significantly high]
OI in Nifty futures hovering around 30 million at open today and another million added after Europe open; Nifty made 2nd consecutive close above the 5408 and the odds of Nifty 5532-5580-5608-5690 are high before the end of March series
The run up in infra/capital goods pack has been tremendous, especially LnT that added almost 100 points in the last 3 trading sessions. BNF has closed above the critical resistance of 10800!
Would just like to add here that with 2 more sessions to go before the Union Budget, we may see some wild swings and a round of profit booking before the end of this week. As long as 5177-5196 holds out on closing basis, March series is stacked in favor of bulls IMHO.
Just adding another parallel trendline to the image portrayed on 28th Feb '12
PS: 5850 is NOT the target for March series! [W1-W3 took 2 months so W4-W5 can be expected to go through the same time frame] If the middle trendline is not breached on upside, the last leg up may face truncation......truncation will reverse the upside and retest 5032-5092 levels at a minimum
Last but not the least, there are times when views amongst blog contributors are divergent and that does not affect our relationship in any way; it is also not our intention to confuse readers but to present our own interpretations of charts [sometimes we are right, other times not]; readers are encouraged to exercise their own discretion and adhere to SLs and Hedges;
As Raghuji always says, 'To Each His Own'.........
OI in Nifty futures hovering around 30 million at open today and another million added after Europe open; Nifty made 2nd consecutive close above the 5408 and the odds of Nifty 5532-5580-5608-5690 are high before the end of March series
The run up in infra/capital goods pack has been tremendous, especially LnT that added almost 100 points in the last 3 trading sessions. BNF has closed above the critical resistance of 10800!
Would just like to add here that with 2 more sessions to go before the Union Budget, we may see some wild swings and a round of profit booking before the end of this week. As long as 5177-5196 holds out on closing basis, March series is stacked in favor of bulls IMHO.
Just adding another parallel trendline to the image portrayed on 28th Feb '12
Last but not the least, there are times when views amongst blog contributors are divergent and that does not affect our relationship in any way; it is also not our intention to confuse readers but to present our own interpretations of charts [sometimes we are right, other times not]; readers are encouraged to exercise their own discretion and adhere to SLs and Hedges;
As Raghuji always says, 'To Each His Own'.........
1 comment:
Good chart. Thx.
Post a Comment