Thursday, May 17, 2012

EOD Analysis For 17th May 2012 and Outlook For 18th May 2012

My apologies at the outset as I could not update the blog yesterday. Such sporadic breaks can be expected for the next 3 weeks as I'm on vacation to enjoy which is my first priority :D

Critical levels and Outlook remain unchanged from previous posts; neither is OI seeing any major difference despite these price changes. Today was the 8th consecutive close below 5032 and hence this may act as the ceiling on closing basis until next Wednesday unless bulls manage to spring a very positive surprise.

Positive divergence seen in front line stocks like LnT but BankNifty has broken a crucial support level from the lows of Dec over the last 2 sessions. So until BNF does not take out 9600 with conviction, upsides may be used by seasoned hands to short.

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