Bulls kept it going....

F&O SNAPSHOT

NIFTY Dec. future closed at 3048.40 (Rs. 6.65 PREMIUM) with a turnover of Rs. 10218.79 Crores.
Adds 229000 shares(0.60%) in open interest pushing the open interest to 38603926 shares.

Today bulls defended 2950 very well. Bears were trapped today. Now the big concern for the bull is the TAX numbers pouring in. There is an anticipation that Government will come up with more stimulus. US market got a gap up opening ahead of Fed rate cut. Still there are mixed signals. Profit booking soon is expected, but at what level and up to what extent is to be seen. Novice should stay out of the market for the time being till no clear signals emerges.

Technicals

MACD and ADX are bullish.

CCI, Stochastics show the over bought levels.

Ultimate Oscillator is losing the steam.

MFI indicates that profit booking can accelerate at any time from now.

Be cautious with your longs as well as shorts.

If one is stuck with garbage should take advantage of this rally and get rid of it. Sit on the cash and wait for a good opportunity to buy good stock.