SETTLEMENT DAY

Volatility is expected due to expiry day. Nifty broke the channel support of NS2992 and closed below it; however taking next crucial support at 2957 from where a trading bounce can occur. Psychologically speaking, for the first time there had been two days of negative closing since 2nd Dec. For today, the bears will be in control below NF 3015 or NS 2992 with support at NF 2953-2944. Break and close below NS 2936 will clearly turn the trend negative. Bulls will return if NS trades above 3025.