8 March: Nifty View

In Yesterday's Nifty View, it was given that "It is very much possible that the post budget rally might have ended. A close below 5400 would confirm it. Till then, consider the short term trend to be up ". Nifty did look like breaking down in the morning trades, however, it took support at 5400 level and closed midway at 5466. The levels and Options data point to exactly the same range as yesterday.

The Options OI table is given below:

The only surprise in the Options table is the huge covering of 5600 CE by the Bears. 5500 still remains the battlezone with a slight advantage to the Bears. However, that can change quickly in intraday. 5400 and below are the supports, with 5400 PE having the highers open interest. 5600 and above ramin the resistances, inspite of the big covering seen at 5600 CE. The range for Nifty still stands at 5400-5380 to 5605-5630 Spot. Breakout from this range should give the next sizeable move. Till Nifty stays below 5630 level, we will be biased for a downside break now.

For tomorrow, imemdiate support for Nifty Future comes at 5440-5435 levels. Below this, we would see it testing todays low again and slide further towards 5390-5350 levels. On the upside, immediate resistance for Nifty Future comes at today's opening level of 5500 and 5520 above that. If manages to cross 5500, it would target higher levels of 5550-5580 and 5605 levels.

8 Mar: Nifty Future resistance at 5500-5520-5550-5580. Support at 5440-5425-5390-5365 - www.niftypower.com

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