The Indian Market have recovered alomost 70% from February bottoms on the event of Union Budget and supporting global market cues but what next from here is a million dollar question. It seems market will struggle to go above 5200 this march and more likey to break 4900.
Last week Sensex gained +565 points or +3.44% (16994) and Nifty gained +166 points or +3.38% (5088). This week market may conitnue its rally on positive side. Data to watch in this week is IIP data, which will be declared on Friday, 12th March by the Govt. These data may boost the rally or change the trend of the market. In addition to this, the fourth and the last installment of advance tax by India Inc due on 15 March, 2010 will give a broad indication of fourth quarter earnings.
5100 Calls having higher open interest builtup which inturn indicates heavy call writing in 5100. It is suggested to long nifty only if sustains above 5100.
Weekly NIFTY SUPPORT is around 5025 AND RESISTANCE is around 5168
(Watch 5045/5050 AND 5150/5160 WITH CLOSE EYES to initiate longs and shorts)
EOD DATA FOR NIFTY OPTION TRADER :
CE : 4800.00 (25-Mar-2010) PE : 4800.00 (25-Mar-2010)
Price : 302.00 Price : 17.85
Turnover : 11117.92 Lakh Turnover : 199466.47 Lakh
Open Interest : 1268400 Sheds Open Interest : 6141700 Adds
(-97000.00) Shares (320500.00) Shares
CE : 4900.00 (25-Mar-2010) PE : 4900.00 (25-Mar-2010)
Price : 215.35 Price : 31.90
Turnover : 31623.53 Lakh Turnover : 306437.30 Lakh
Open Interest : 1989950 Sheds Open Interest : 4765600 Sheds
(-181950.00) Shares (-129200.00) Shares
CE : 5000.00 (25-Mar-2010) PE : 5000.00 (25-Mar-2010)
Price : 139.50 Price : 55.45
Turnover : 160650.10 Lakh Turnover : 606324.35 Lakh
Open Interest : 4285400 Sheds Open Interest : 6939900 Adds
(-383100.00) Shares (252100.00) Shares
CE : 5100.00 (25-Mar-2010) PE : 5100.00 (25-Mar-2010)
Price : 79.15 Price : 93.30
Turnover : 638692.18 Lakh Turnover : 496003.54 Lakh
Open Interest : 6912600 Adds Open Interest : 3559600 Adds
(1387750.00) Shares (843750.00) Shares
NOTE: Option trading is not for those who wish to create wealth instantly. One needs to have good discipline, time management and proper preparation. It is not like stock trading where one can buy a stock and make profit IF STOCK GOES UP. Option trading involves more of proper risk management and making profit.
Although there is the chance to make a lot of money, you can lose everything in a heartbeat without proper preparation. This means that you need to create a perfect groundwork before trading options and be ready to review and modify your strategies and plans to work with whatever changes the market throws at you.
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