--chart posted by me at vfmforum before 2 months.
--Nifty chart shows mirror image to the fall so far. It will be interesting to watch movement in 2010. Will it complete the remaining part of the mirror image?? only time will tell.
Wish you all Happy new year 2010.
TECHNICAL CUES-------
• SGX Nifty is trading around 5190.
• Nifty made high and low of 5197 and 5160 on last trading day.
• Last swing bottom is at 4944 and swing top is at 5215.
• Trading above 5188, up move will be seen up to 5200, 5220, 5240.
• Below 5160, correction will be seen up to 5145, 5130, 5120.
• In the medium term, Nifty is in uptrend with targets of 5240, 5360.
• In the short term, Nifty is in corrective down move with targets of 5145, 5120, 5100.
DERIVATIVE CUES----
• Nifty January future premium decreased to 9 points so cost of carry decreased. (Bearish)
• Nifty open interest decreased by 0.3 lacs suggests long unwinding. (Total OI now at 2.99 cr)
• Nifty calls added 12 lacs and puts shed 14 lacs in open interest. (Bearish)
• Nifty open interest put-call ratio is at 1.47.
• 5100 puts had open interest of 49 lacs (-1%) and 5200 calls had open interest of 64 lacs (+11%), so 5100 and 5200 will be important levels to watch for.
• India VIX closed at 24.62, increased by 1% suggests instability. (Bearish)
• In Nifty stocks, advance-decline ratio is 21/29. (Bearish)
