At the time of this post, the Nifty future is at 5954 currently above 5939 which is not just Value area Low but also a previous support and a break-down point from Friday afternoon's session.
Staying above 5939, this market should target 5974 and then 5996 where the market would find resistance as Shai Pointed out in his weeekend post.
The Bank Nifty is also above value area low at 12150.
Monday, November 22, 2010
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Booked profits in the 6000 Ce initiated at 22 at 45 now. Expecting resistance here at 5990 currently. Initiated a small counter trade at 5990 NF short with SL at 6005, though orderflow is still got to send us a reversal.
No confirmation from orderflow, so exited shorts with a 6 point loss.
Neutral now for intra day.
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