Friday, May 4, 2012

EOD Analysis For 4th May 2012 and Outlook For 7th May 2012

OI in Nifty futures hovering around the 20-21 mill mark still and VIX has increased compared to yesterday but still not reflecting core price action.

Critical Levels remain unchanged for Nifty from previous posts [expecting a bounce back from the 5032-5092 band]

For BankNifty, the downside support has broken [please refer to the updated post yesterday with the BNF daily chart] Only respite was some premium was restored to the BNF May futures after trading the first 5 days @ discount; one round of short covering expected in the 9700-9750 region for about 150-200 points; safe traders should wait and buy above 9900 on May Futures price IMHO

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