Nifty-Spot today ended below our Support level of 5400 to 5395.75 with a steep falloff -2.4%, in line with our analysis that selling will be seen from higher levels today. It has formed a Long Black Candle on daily price chart. SPEARMAN INDICATOR has just given Positive signal on daily charts. As Volatility Skew of Nifty Options, Puts are increasing while Calls are declining for Feb 2011 series. It indicates that Nifty may find Support around 5300 levels.5400CE & 5200 PE has seen huge Traders ’interest today. As per our NNI-Nifty Next Indicators which declined by huge -180%, is now first time (In 2011) is Trading in negative level at – 3.0%, along with increase in volume & Traders’ Interest.NNI suggest that Nifty will trade with Negative bias on 07 Feb 2011. Tata Steel is looking Positive for 07 Feb 2011.
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