Hammering Continues at higher levels

As mentioned in last blog, Nifty attempted 2840 and then hammered down to close nearly flat. After parade of Q3 Results ended, now focus is shifted to world market cues. World markets are likely to remain deceptively positive till the US $850 Billion package is accepted and passed. Till then traders can enjoy volume less rally. As previous packages, after announcement market may turn down sharply.

Nifty On Thursday Feb 05, 2009
For Nifty the range is around 2785/2800 on downside and 2840/2855 on upside for short term.

As per sloping support and resistance lines, Support is at 2795 Resistance is at 2855 any move above this levels will lead to some decisive moves.

Stock Options:
Chambal Fertilizer (Strike of 37.5)
Renuka Sugars(Strike of 75 /80)
RPL(Strike 80/85)