Can NIFTY move above 3100??

Markets Kick started New Year with highly positive note to cross past the resistance line around 3000 to break out of reverse Head & Shoulder pattern, which should take NIFTY literally to 3100.

NIFTY comes to around 3050 /3100. The earlier channel line and short term trend line comes in this band. A move beyond 3100 on sustained closing for a week would be a breakout in near term.

The long bias remains till 2975 is maintained on closing basis. Continue to trade call options with trailing stops.

Most highly traded INDEX OPTIONs this week:

NIFTY29-JAN-2009CE3100

NIFTY29-JAN-2009PE3000

NIFTY29-JAN-2009CE3200

NIFTY29-JAN-2009PE2900

NIFTY29-JAN-2009CE3300

NIFTY29-JAN-2009CE3000

NIFTY29-JAN-2009PE2800

NIFTY29-JAN-2009PE2700

NIFTY29-JAN-2009PE3100

NIFTY29-JAN-2009PE2600

Most highly traded STOCK OPTIONs this week:
RELIANCE29-JAN-2009CA1290

RELIANCE29-JAN-2009PA1290

RELIANCE29-JAN-2009CA1320

RELIANCE29-JAN-2009CA1260

RELIANCE29-JAN-2009PA1200
RNRL29-JAN-2009CA65

RNRL29-JAN-2009CA60
RCOM29-JAN-2009CA250
ICICIBANK29-JAN-2009CA500

BHEL29-JAN-2009PA1350

SBIN29-JAN-2009CA1350

UNITECH29-JAN-2009CA50
SATYAMCOMP29-JAN-2009PA170
SATYAMCOMP29-JAN-2009CA180

Detailed report sent to paid clients.