Well, the scenario is bullish.
1) DEC premium is 23 points, Jan is 50 plus. So that is a strongly bullish.
2) The options chain is much tilted towards calls.
3) Prices responded to daily Ema 15 very decisively. Not a single day closed lower, inspite of no rate cut.
4) US has flooded the system with $$$$, 85 billion of them each month. FIIs seem to have lost their bearings with so much liquidity.
However, the real profitable question is when will the momentum come in? Because, price could retrace to the well established trendline to around 5750 levels, while these four points remain unchanged. Till then one should be only mildly bullish.
Momentum is only likely to be seen above 6000 for another 250 odd points.
cheerio..
1) DEC premium is 23 points, Jan is 50 plus. So that is a strongly bullish.
2) The options chain is much tilted towards calls.
3) Prices responded to daily Ema 15 very decisively. Not a single day closed lower, inspite of no rate cut.
4) US has flooded the system with $$$$, 85 billion of them each month. FIIs seem to have lost their bearings with so much liquidity.
However, the real profitable question is when will the momentum come in? Because, price could retrace to the well established trendline to around 5750 levels, while these four points remain unchanged. Till then one should be only mildly bullish.
Momentum is only likely to be seen above 6000 for another 250 odd points.
cheerio..
One more interesting point: Last three corrections retraced 50%, so taking positions was a little more comfortable. Whereas this leg has corrected only 38.2%. So, Tuesday's upthrust seems less reliable (despite that I went long). All this bickering would end only if Nifty just blasted off over 6000... and put my spirit to rest 
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