NF reversed all the loses that it saw after the Dubai episode and that too in only 3 days....Currently the trend seems positively upwards with no selling pressure in the system...Frankly speaking, its very difficult to give any technical targets in such kind of a market.....My approach was cautious and that will remain so in the entire December series which is a very long one expiring on 31st Dec. The range is going to become broader with a series movement between 4600 and 5400....
Today Nifty Futures closed at 5132 with a high of 5139 which is the resistance level in the channel...Any close above 5140 can propel NF towards 5250-5300 zone since that would create a channel breakout.....If not then a fall till 5040, 4975 and below might be possible which then would try to take it to the lower end of the channel....
Best strategy would be to "Buy in Dips and Sell in Rallies" kind of approach....Some stocks should be hold on to as investments.....Sell deep OTM calls on both sides and do not buy options.....
Happy Trading....
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