As expected NIFTY moved above 3100 with the help of heavies like RIL, ONGC, L&T. Most part of the day was spent around 3070 to 3085, it crossed December high of 3111 to make a new high of 3132 and closed at 3121.
Now NIFTY is all set to test next resistance at 3160 to reach Fibonacci level 38.2% retracement of 3168 which may see heavy downward correction setting in. A close above 3168 which may surely take NIFTY to November highs of 3240.
Option Trading opportunity:
RIL 1300 CALL BUY AT__ SELL AT ___
RIL 1300 PUT BUY AT__ SELL AT ___
NIFTY 3000 CALL BUY AT__ SELL AT ___
NIFTY 2900 CALL BUY AT__ SELL AT ___
NIFTY 2800 PUT BUY AT__ SELL AT ___
NIFTY 2700 PUT BUY AT__ SELL AT ___
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