climax

14-5-2009 trading shows that we are in the part of climax. Markets opened gap down and traded in the gap to close at nifty 3593 -42 points.
FII data is negative, F & O data nifty futures added 3.8 lakhs - not sufficient for picking a direction. Global cues may not required for one week of trading. We are different for one week.

Nifty is just on the 10 day ema line. As expected markets are weakening further. Expected mandate is fractured. Hence, we should definitely see weakness for the next 2-3 trading sessions. Put- Call writings are suggesting that markets may go down up to 3250 level ie., 50 day ema line. If markets take support at 3250 levels then we see 4000 again immediately.

Conclusion: one can have a put or to play downside at first instance and latter in the second half of next week one can go for calls/ long at nifty 3250 levels.

pivot for today: s2- 3504; s1-3549; p=3586; r1-3630; r2-3667.