Choppy day to start the week...

Spot Nifty Close 3039.30 [3077.50 -38.20 (-1.24%)]

F&O snapshot

Symbol	Exp.Dt	Close	% Change
Nifty	25-12-08	3,039.35	-9.71
Nifty	29-01-09	3055.80	35.18
Nifty	26-02-09	3,064.60	12.68

Expiry Dates 25-Dec-2008, 29-Jan-2009, 26-Feb-2009 are only considered for the following

CEOPENINT	CHG(CALL)	PEOPENINT	CHG(PUT)	PCR
28,527,150	1,007,650	45,766,200	640,350	1.6

Time to wait and watch?????

F&O Snapshot

Symbol	Exp.Dt	Close	Open Interest	Change	% Change
Nifty	25-12-08	3082.40	30,505,926	-3,252,400	-9.63
Nifty	29-01-09	3,101.30	13,706,500	3,517,000	34.52
Nifty	26-02-09	3,103.50	86,750	5,300	6.51

PCR 1.7

Nifty Options

SYM	OPT	EXP	STRIK	OP,HI,LO,CLS	CNTS.	OPENINT	C'O'INT
NIFTY	CE	25Dec08	3,100.0	44.0,59.35,30.0,42.9	252,303	3,215,400	-19,700
NIFTY	PE	25Dec08	3,000.0	38.0,44.4,19.05,25.2	164,296	3,703,300	145,300
NIFTY	PE	25Dec08	3,100.0	75.0,93.0,44.5,61.35	136,811	1,937,150	344,150
NIFTY	CE	25Dec08	3,200.0	18.3,19.5,9.15,13.3	125,353	3,125,000	714,550
NIFTY	PE	25Dec08	2,900.0	16.0,19.0,6.2,7.7	112,413	4,707,250	470,800

Great Bear Trap......

F&O Snap Shot

SYMBOL	EXDATE	CLOSE	CONTS.	OPENINT	C'O'INT	C'O'INT (%)
NIFTY	25-Dec-2008	3,076.35	917,820	33,758,326	-3,259,250	-8.8
NIFTY	29-Jan-2009	3,090.25	149,240	10,189,500	4,114,950	67.74
NIFTY	26-Feb-2009	3,095.15	689	81,450	4,900	6.4

Some technical levels

SMA-7:2972.54 SMA-13:2853.18 SMA-26:2810.42 SMA-50:2967.42 SMA-200:4167.15
EMA-12:2908.73 EMA-26:2898.33 EMA-50:3072.15 EMA-200:3780.76

Today bulls not only defended the support levels but nullified the yesterday's loss.

Bulls showed the sign of weakness today...

F&O UPDATE

NIFTY Dec Future closed at 2948.70 (Rs. 5.65 DISCOUNT) with a turnover of Rs. 13409.45 Crores.
Sheds 1586350 shares (-4.11%) in open interest bringing down the open interest to 37017576 shares.

Today nifty spot made high of 3076.20 touching EMA-50: 3072.62 and closed just near one of the support level of 2950.00. This can be scary for the bulls. It will be a severe blow to the bulls if bears are successful to break 2865.00

I am posting a chart with the kind courtesy of Mr.Nifty Bhaloo which can show the scenario.

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.