Nifty Trading Ideas 3/11/09

By Jigisha Ghelani & Dinesh Shah

Nifty Outlook

Previous weeks closing of below 4750 technically does not auger well for the market. Next week in the event of going down further Spot Nifty will find strong support around 4650 which is close to 100 DMA.

Nifty Call options of strike 4800 again had a huge build up of 39075 lots while Put
option of strike 4500 added open interest by 11130 lots. Nifty Put Call Ratio fell to 1.06 with the total open interest in Call options at 1,160,102 lots and that in Put options at 1,229,380 lots.

Strategy & Target

Buying long positions could be done as Nifty is likely to take strong support in
the 4600-4650 zone and a pull back rally could be seen, stop loss could be kept below 4600. Intra-day volatility is expected to remain high.

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