Nifty closed at 2736 on Friday after a lot of tussle between the bulls and the bears. We have a truncated week with F&O expiry just 3 days away. The world markets have not fared well in the meanwhile and that is going to have an effect on our markets in the opening session.
On Tuesday, Feb 24, 2009, we are expected to open in negative in line with the world markets. There was some short covering that happened around 2700 levels on Friday and people who covered their shorts will again be looking to short near 2700/ break of 2680 levels. There are rumours about a possible RBI rate cut which can give a boost to our markets.
For Tuesday, Day traders should look to short Nifty near 2700-2690 levels. If we miss this level with gap down opening, it will be better to wait and watch than take risk of shorting at lower levels. With F&O expiry nearing, expect a volatile session and safe traders to stay out or deal only in Options in small lots.
Nifty resistance at 2705-2730-2760. Support at 2680-2650-2635-2600.
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