Archive for October, 2010

Bears further dominated the expiry at the fag end of the day…

Friday, October 29th, 2010

Bears were totally dominating the expiry week and on the expiry day after a strong bullish move for majority of the day, bears took complete control towards the fag end and pushed Nify below 6000 levels for a close near the support level of 5985.
Though there were large scale increase in open interest in 6000 puts and there was not much of an increase seen in 6000 calls, bears were still able to break 6000 levels. Markets were also ruling at a hefty premium throughout the month and one day before expiry also the premium was around 20 and the implied volatility in puts were around 19 when compared to the calls around 25 levels throughout the month.
Now that a new series has begun, there might be consolidation around 6000 levels and also a move towards 5885 levels later in the month after a break of 5954 levels and market is expected to bounce back.
Resistance levels : 6032, 6050, 6072

Support levels : 5985, 5954, 5937

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Monthly Chart – October 2010

Thursday, October 28th, 2010

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Bears took complete control towards the expiry…

Thursday, October 28th, 2010

For a week the bearish move towards 6000 levels was written and the possibility suggested was that the move was to happen on the expiry day. Bears could do so one session earlier and pushed markets below 6000 levels to further test the support of 5985 and close the day above 6000 levels.
Options data saw huge increase in the OI of 6100 calls as well as 6000 puts and the PCR stays at 0.99 which is giving a neutral indication.
The expiry day can either stay neutral around 6009 levels or bears can further push markets down to test 5937 levels and also settle for a 5954 close. The possibility of Nifty testing higher levels looks very remote and might face strong resistance around 6032 level itself for the day.
Resistance levels : 6020, 6032, 6050

Support levels : 5985, 5954, 5937

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Intraday Charts of October 2010

Wednesday, October 27th, 2010

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A mild bullish penultimate session before bears take control for expiry tomorrow

Wednesday, October 27th, 2010

Markets were confined to a tight range yesterday and faced stiff resistance around the key level of 6125 and closed for the day below 6100 at 6082.
The PCR at 0.91 is still favouring bears to a small extent and options data did not see major change in open interest in positions except in 6200 call which added another 7 lakhs and is ruling high at 83 lakhs.
Overall there could be a bullish move for the day and Nifty might even test levels of 6125, 6136 for the day before bears take control of tomorrow’s expiry session and push it towards 6000 levels.
Resistance levels : 6095, 6125, 6136

Support levels : 6075, 6066, 6050

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Markets hovering near 6100 levels. Bears to push markets down this week…

Tuesday, October 26th, 2010

Markets made an attempt to scale 6150 levels yesterday and bears pushed it down towards the end to close it near to 6100 levels.
Markets have been hovering around 6100 levels for the past three sessions. The PCR ratio is slightly getting skewed in favour of bears at 0.91. The open interest data saw accumulation in 6200 and 6300 calls as well as in near strike puts of 6200, 6100 and 6000. There was also heavy unwinding seen in 6000 calls of around 10 lakhs.
Overall markets might still sway around 6100 levels for two more sessions before bears take control on the expiry day and push it closer to 6000 levels.
Resistance levels : 6125, 6153

Support levels : 6072, 6055

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Bears to gain control initially during the expiry week …

Sunday, October 24th, 2010

Nifty started on a week note last week and was trading below the 20 DMA for major part of the week. It closed the week on a neutral note at 6066.
The sharp recovery which was seen on Monday as well as Thursday has given a false bullish undertone and with premium ruling around 40 pts plus throughout the month has also strengthened the view for the bulls.
On friday, both 6100 calls and 6200 calls saw hefty activity with large accumulation of over 11 lakhs and 12 lakhs and 6200 call is having the highest OI for the month. On the other hand not much of activity was seen on the put side.
Overall it looks like bears might be able to push markets below 6000 mark and might even be able to break the 5962 barrier and go for a test of 5885 levels momentarily during the expiry week before Nifty can recover and trade closer to 6000 levels. 6125 has been established as a strong resistance and it is not expected for markets to move above that for this series.
Resistance levels : 6071, 6095, 6125

Support levels : 6008, 5962, 5885


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Intraday Chart – session 22nd Oct 2010

Saturday, October 23rd, 2010



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Intraday Chart – session 21st Oct 2010

Friday, October 22nd, 2010

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Intraday Chart – session 20th Oct 2010

Thursday, October 21st, 2010

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