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10 February, 2009

Bullish

Yesterday trades shows that markets are turning to bullish for few days as expected.  Nifty closed at 2920. Next 2980-3050-3140.  Stochastic is at over bought zone. MACD is bullish. Most important is the very huge writing of puts... and addition of nifty future open interest 20 lakhs. This will definitely says that the bullishness should be more than 100 points.  But, as the Dow is not bullish yesterday we may see a little bit profit booking and later market will go up. In a correcting market one may concentrate at 3000, 3100 nifty calls. 

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