Market stratergy for 12-Dec-2010
6000 Call has got max OI at 76 lakhs contacts, but 21 Lakhs contacts has been closed on friday,s session, i.e OI reduced by 25 %, which is paving the way for upward movement.
5700 Put has got max OI with 77 lakhs contacts, which suggests market has got good support at 5700.
The candlestick pattern is piercing line, which has bullish implication.
21 sma is comming around 5942 and 50 sma is comming around 6052.
38.2 % retracement of the fall from 6338 (5-Nov-10) to 5690 (26-Nov-10) is comming around 5940.
5950 will be a strong resistence zone.
Stratergy for Monday,
1.if the global market is good, go long keeping SL of 5850 for 1st target of 5940, then 6000.
2. If the global market is week, go short keeping SL of 5865 for a target of 5750.
Thanks and Regards,
Subhag Ghosh
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