Nifty for August settlement reaches with in one week. Nifty is showing bullish break out above 5500. Now the Global cues are negative. Nifty resistance lines are at 5550-5590 zone. But as seen from FII buying in cash market and shoot up of prices sector-wise it is expected the markets are entering euphoria phase. Hence, we may have to expect a further breakout above 5600 in this settlement. In terms of Sensex calculations, above 18K sensex has to touch 19K and retraces up to 18K once again before a big rise on the eve of Diwali 2010. Any how nifty has to cross 5600 and may settle at 5550-5600 zone. Hence, it is expected one can rise a trade by buying 5600 calls in single digit for a selling at Rs25/-.
For September range will be 5700-5400 and 5700.
No comments:
Post a Comment