Ruthless Bear Hammering Near 2820 levels

As Nifty reached 2820 levels, there was ruthless hammering from 2830 to 2765 with in few minutes.A sloping support line from heads at 2775 and 2755, shuould provide requisite support to Nifty breach of which during trading can see much bigger slide of the index. Intraday indicator Slow Stotch in the chart above has formed a negative divergence that should bring down nifty to lower levels.

For trading on wednesday, Nifty may show an initial positive opening in line with Asian markets. Nifty may make another attempt to reach 2830 levels that will meet with strong resistance.
On the downside the support line at 2745 should hold, a breach of 2745 will show bigger down move.

Nifty Support 2765-2745-2705 Resistance 2800-2828

Writing 2900 Calls on rise on Nifty above 2828 (Or buying Nifty Put 2900 for short term) will give good gains.

Stock Options for intraday trading, opportunity in Suzlone Energy, Chambal Fertilizers, Renuka sugars and SBI.