Monday, April 16, 2012

EOD Analysis For 16th April 2012 and Outlook For 17th April 2012

OI in Nifty futures still hovering around the 20 million mark and VIX hovering around the 22-23 mark

This week is expected to be exciting as far as trading is concerned and critical levels and outlook remain unchanged from previous post;

Critical Support for Nifty is in the 5032-5092 band and 5348 is critical resistance on upside
Critical Support for BNF is 10150 and 10750-10800 is critical resistance on upside

It is interesting to observe EOD charts for CNXIT for the last 1 year; come INFY results and it drops big time, weakness follows up for 2-3 more sessions and then slowly some short covering comes in thereby helping the index stage a pullback

As long as the critical supports hold out for Nifty and BankNifty, risk-reward ratio is in favor of Buying the Dips IMHO

For all our dear readers who keep asking yeh IMHO kya hai yeh IMHO - iska ka matlab hai In My Humble Opinion :D
Other Acronyms used frequently on our blogs

AP = Aatma Pranaam [Courtesy Suraanaji]
HHHHHH = Ha Ha Ha - Ho Ho Ho [Courtesy Harshal bhai and Raghuji]

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