Market today and tomorrow

Hi,

Today on 25/11/2008 market opened strong but going ahead it slipped down with the nigetive sentiments from broader market, but still the market was firm with a -%2 at closing.

As far as Derivative is concerned, it witnessed rollover of 29.73% in Open interest December Nifty Contract, while the Put-Call Ratio in whole F&O segment is 0.63.

Investors are in Bearish mode, Nifty can test further lows. We can expect some buying from FII and Indian Mutual fund houses in December,hopefully it can be a positive news for the market.

Tommorow market can see a rally at opening but it totally depends upon the broader market as of Now the US market is firm with NASDAQ down by 21.22 and is at 1450.66 and Dowjones is down by 27.56 and is at 8419.65, it may hold this label with the positive news about Citibank (bailout plan). So as it seems now, the US market may be firm today and we can see 50 to 100 points upside in Nifty tomorrow.

Nify today - 2654 (Closing)
Support label for Nifty:2690 to 2630
Resistance:2770 to 2835
Recommendation:Go for Nifty call December at 2750 and 2600 december put.
Stratgies: Do not go for naked position always try to have covered call or put options.