Nifty near 6300 : S&P cautious before NFP report : 6 Dec 2013

Nifty near 6300 as traders wait on the outcome of state assembly polls on Monday Dec 9 . Our buy call is in profit and we will wait till 6400 to book profits . Bank Nifty also trading 11700 and i see a target of 12000 this month . As mentioned earlier I am not looking on the polls outcome but purely on technical and take calls based on how market moves . Most of the traders have taken a trade range strategy where you benefit even when the index moves in either direction . Others news coming up Powergrid FPO has got a good subscription from retail investors , Mark Faber feels that he will be investing in Emerging economies on selective stocks .
S&P is under pressure this week on probability that Fed will taper from 2014 , also being a year end
there is a tendency of most of the traders to close positions and go for a break . We will see less
volumes going forward mostly after week 3 of December . I expect good volumes today till next week on Payrolls data figures and Fed meeting . I am short S&P and still holding half my trade to either profit or hit Stop loss . Coming to currencies I am still holding my long $UsdChf which is in negative , I am expecting a bounce above .8900 next week . Euro and Pound also to come under pressure in case we have good data from US as it may offer some hint on Fed stimulus. I see a strong resistance  at 1.3750 on the Euro and 1.6500 on the pound after which it may turn direction.

Strategy
No Change in Sell Nifty Call December Series
No change in Bank Nifty Sell Calls for December Series.
No change in long $UsdChf position .
No change in short on S&P equity [half]position.
Statistics
Will be published tomorrow evening

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