Wednesday, October 5, 2011

Nifty outlook October 5, 2011

Call Put Open Interest clearly showing where masses are looking for limit. Today's Fed chief speech is no short of any medicine to dying and hopeless market.

We can clearly assume a quick and sharp bounce today for at least 50 to 80 points (it may prove totally wrong) because of following reasons I am able to find out
  1. Fed chief speech help US market to recover; at least for today
  2. We are fundamentally very strong, so we just need a reason to celebrate Nifty Diwali
  3. Nifty has bottom up at strong support 4728~4820
  4. Nifty may be in making of "W"
  5. Put writers have shown faith on 4700 and 4800 level which favors bulls only

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