17 March: Nifty View

In Yesterday's Nifty View, the immediate resistance for Nifty Future was given as 5575-5585. Nifty future made a low of 5577, touched an intraday high of 5553 and closed at 5529. It found at the closing level of 14 March, after which we had that big gap down. This zone of 5550-5560 would be important for further upmove. Staying above this zone would be a first sign for retest of the 200 DMA for Nifty Future.

The Options table for today is given below:

5400 PE has the highest OI, with more that 1 Cr. open positions. Next is 5300 PE. Overall, the Options table has told the same story for more than a week now. Nifty has also moved in line with the picture presented in the Options table. 5500 is the battlezone. 5400 and below are the supports. 5600 and above are the resistances. 5375 to 5615 is the trading range.

For tomorrow, immediate resistance for Nifty Future comes at 5550-5560 zone. Crossing and staying above this, it will target next resistance of 5580-5590 and then 5615, where again it will face stiff selling pressure. However, if it is able to cross 5615, be ready for some wild moves. On the downside, immediate support for Nifty Future comes at 5505-5495 level. Below 5495, Nifty future will target 5475, 5445 and 5430 levels.

17 March: Nifty Future resistance at 5560-5585-5615-5635. Support at 5500-5475-5445-5430 - www.niftypower.com

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