Friday, March 9, 2012

EOD Analysis For 9th March 2012 and Outlook For 12th March 2012

OI in Nifty futures hovering around 28.5 - 29 million and VIX cooling a bit more and a shade below 26 [respite for bulls but still need to be alert]

Critical levels and outlook remain unchanged and 5177-5196 band survived yet another day [and is expected to do so for another 2 weeks unless some major bad news comes through] BNF needs 2 consecutive closes above 10400 to get some strength; 2 consecutive closes below 10150 can invite retest of 9800 levels [the zone in between is just a trading band and depending on risk appetite one can trade as deemed appropriate] Premiums are healthy on index futures but from next Wednesday or so, the premiums can be expected to be a bit more rational [looking for a drop of 10-15 points on Mar Nifty futures and 20-25 points on Apr Nifty futures]

On 29th Feb or so I had put an image and so far action has been within the W4 channel of that image; trading levels for people with risk appetite covered extremely well by Raghuji so I won't dwell too much into it;

Enjoy your weekend and I will chip in the next post after Monday EOD.

PS: On a side note, let us pay tribute to Rahul Dravid, 'The Wall' and his achievements are no mean feat. I am sure he will continue make contributions to the game in due course of time.

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