Well November Series ended around 5005 levels, and markets reacted to DP World Debt Crisis along with global markets next day, where Nifty touched an intraday level of 4806 and bounced back to 4940 at the end of trading last friday. Once the impact of Dubai crisis is estimated and its effect on Indian companies directly or indirectly is clear, there was a smart rally on 30.11.2009, which was the last day of the month, where nifty climbed 5000 level at the opening and closed around 5032 levels. Recovery in Global markets helped Nifty to post further gains yesterday to clear important technical levels of 5080 and 5120 with ease.
US markets have posted substantial gains overnight and today the opening should be good for our markets, where Nifty should clear 5155 initially and even challenge 5182 the high of 2009 so far. However, since the rally from 4806 has already given substantial gains some profit booking can be expected in the zone of 5180 to 5200. Investors and Positinal traders who have entered Nifty at lower levels can exit the futures or calls around the earlier high or alternatively hedge the long positions with 5200 puts and ride the rally which might give further upsides of 5290 or 5500 also during this month before 10th.
Nifty Range for the Day: 5050 - 5100 - 5150 -5200.
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