Bullish momentum still continues in indices. Volume spike is also a good indiactior for further rise. Nifty crossed 3100 and ended at 3082 Sensex crossed 10000 mark, next where does it go? Nifty January 2009 high of 3147 is very close and looks like Nifty can break this levels and can try 3200+ levels.
Dow which is now at around 7800 to 7900 is still much below the February 2009 high of 8377. We can just follow the bullish momentum of Dow as long as it lasts tring to reach Feb 2008 high of 8377.
Upside: Initial resistance is at 3120, breach of 3120 and sustaining above it can easily take nifty to Jan 2009 high of 3147.
Downside: Inital support is at 3040 level from where it can rebound. However if 3040 is breached and remaining below it will temporarily weaken nifty to come down till 3020 levels which is next support level. Strong support is at 3000, if 3000 is breached can buy Nifty Puts.
Stock Options of for trading RPL, ICICI BANK, TATA STEEL
