13-3-2009 trading shows a very big jump in the nifty, taking a lead from global markets, closed at 2719 +101 points. F&O data positive. FIIs are positive. Option writing is also positive.
Global cues may be positive for one to two days. We may see further short covering if nifty crosses 2740-2780-2800.
But the doubt is whether markets are reversed or taking a pause while falling.
If nifty crosses 2800 and closes with good build up in futures then one may feel a real rally and markets may not break 2500 this month.
Else, markets may fall this month it self.
At nifty 2800 Fibonacci re-tracement level of 61.8 % and 50 ema giving resistance.
Trade expectation:
Buy 2500 puts and 2900 calls immediately at 10.15 on the next day. One may think on Tuesday forenoon whether to remove puts or calls. This will give good returns for closing of settlement.
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