UPDATE: NIFTY AHEAD - NIFTY SPOT EOD CHART DT 15 JULY 2011 - TREND BEARISH ON CLOSE BELOW 5580

NIFTY SPOT EOD CHART DT 15 JULY 2011
FROM LAST TWO TRADING SESSION NIFTY HAD BEEN FACING SELLING PRESSURE FROM THE HIGHER LEVELS WITH VOLUME

DURING THE SAME WHAT WE HAVE NOTICE IN OPTIONS
1) WHEN MARKET RISE
CALL ARE NOT RISING MUCH AND PUT ARE FALLING LESS
2) WHEN MARKET IS FALLING
PUT ARE RISING MUCH HIGHER COMPARE TO CALLS AND CALL ARE FALLING MORE

AS PER OPTION DATA FROM LAST 3 TRADING SESSION AND FII OPTION DATA
WE SEE BUYING IN 5500 PUTS THEN PUT WRITTING WHAT OTHER ARE ASSUMING

NOW WE COME TO NIFTY IF ON MONDAY NIFTY SPOT MANAGE TO CLOSE BELOW 5580 THE TREND FOR COMING DAYS WILL TURN BEARISH AS PER THE LOWER SUPPORT TRENDLINE SHOWN IN CHART

HOW EVER BELOW 5580 TWO MINOR SUPPORTS COMES AT 5530 AND 5505, IF NIFTY SPOT MANAGE TO SUSTAIN BELOW 5495 WITH VOLUME THEN WE MAY SEE A INTRADAY FREEFALL TILL 5440-5420

SO ON MONDAY ONE CAN TAKE RISK OF FEW POINTS AND SHORT ON RISE FOR TGT 5430 / 5340 / 5260 WITH KEEPING TWO MINNOR SUPPORT IN MIND AND CLOSING BELOW 5580 IS MUST HOWEVER IF CLOSING ABOVE 5580 ONE SHOULD TAKE AN EXIT FOR CONFIRMATION NIFTY NEED TO CLOSE BELOW 5580 ON TUESDAY AS WELL

FOR CARRY STOPLOSS WILL REMAIN THE SAME AS GIVEN ON THURSDAY FOR CARRY AND SHORT ON BREAK BELOW 5620 FOR TGT 5580-5560-5540 WITH SL 5655 CLOSING ON NIFTY SPOT
ALL ABOVE SPOT LEVELS