Nifty extended the previous day gains with a Gap up. Despite muted global cues Indian equity market further pumped the gains as Crude oil dropped almost 10% in this week while the INR appreciated posting its biggest gains in the last couple of quarters. These were the most important triggers in the market. Further derivatives data pointed to a trending market ahead of expiry next week with Writers active at 10900 - 10800 while we have seen significant bias on the long side with higher built up seen in 11000 - 11100. All this points to a Santa rally for bulls. Though, we may see some profit booking which is due as the range for gains gets smaller an at that point in time it would be important to re-read this data. As with expiry next week and Muted volatility we would be gauging how the year ends. All in all, it is a dreamland for bulls with Crude below $50 and INR around $70. With a Rising window on charts which indicate strong support at 10820 - 10900 we expect upward momentum to continue and price should test higher levels of 11100 - 11050.
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