What a day!?!?! paradise for savvy day traders with lots of opportunities and extremely choppy for weak hands and such market conditions can trigger stop losses on either sides! In my limited trading experience, this is only the 2nd March series I am witnessing and I guess this choppy trend is here to stay until 21st March; from 21st March to 23rd March, one direction will be determined and then that direction can be expected to continue for 2 weeks, there on; [March 2011 was no different]
Today, OI in Nifty futures at 29 million today and VIX cooled off to around 27 levels which means bulls need to be in caution mode.
Critical Levels and outlook remain unchanged from yesterday; bulls need to take out 5408 asap whilst bears need to break 5177-5196 levels on closing basis. Today marked the 38th consecutive close [39th for those who count the weekend session] above the crucial band mentioned and that should work as the floor for another 17 sessions IMHO.
PS: Received feedback from somebody that I have not been writing about BNF, for quite some time now. My apologies for that. BNF needs 2 consecutive closes above 10400 levels and can retest 10800 levels; 2 consecutive closes below 10150 can invite retest of 9800
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