1. Relentless FII selling continues .Today the selling was stepped up to apprx. 950 cr.
2. This week's trading has been with lower highs, lower lows and lower close each day.
3. Option Analysis shows build up of open interest at 5300 call and 5100 puts.
4. For the second consecutive day was unable to even touch the 5350 level in trading.
5. Volume profile of the trading this week shows initial resistance at 5250 level and major resistance at 5320 level. Today's NF vwap is also at 5244. The Pivot levels show that trading below today's low can reach the S2 at 5156 .
6. As observed in one of the previous posts , the Descending Triangle of apprx .600 points has the likely target near 5150 level which also concides with the Trendline support .
7. In the Short Term analysis post , the likely EW target for the 3rd wave was calculated apprx. 5150 level. http://aar-vee.blogspot.com/2011/01/short-term-analysis.html
So ,This week is unlikely to close above 5300 levels (5320) and trading below 5250 tmrw. can target 5150 level or below.
-Shorts to be booked in phased manner and cleared below 5200 -5150 level , to start a fresh next week. (may be some aggresive buying here)
-Aggresive longs intraday on trading above 5250 for a target of 5300+ ( may be due to short covering ,if gives a initial dip and holds )
Wanna Go Shopping Tomorrow ???