March 7: Nifty View

On Friday, In spite of good global cues, Nifty failed to conquer 5600 level. The fresh trigger to make it jump over the 200 DMA is missing, with negative news filtering in every other day. 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. 5400 - 5650 is the narrow trading range for Nifty as of now.

The Options table is given below:

From the options table, 5600 CE has the highest OI. This is expected and furhers the importance of 5630-6650 level. This would be a huge level to cross and sustain for the Bulls. 5630 gave solid support to Nifty on the way down. Now, that same level would act as a tough resistance. 5500 is the current battlezone between the Bulls and the Bears, while 5400 and below are the supports. A fall below 5470 Spot would give the Bears an upper hand, and we will see more addition at 5500 CE.

For today, immediate support for Nifty spot comes at 5505-5510 levels. Below this, Nifty will slide towards 5475-5455 and below levels. Till the time it stays below 5475-5470 levels, Bears will have control of the market and Longs should be avoided. On the upside, the resistance for Nifty spot comes at 5550-5555 levels. Above this, it will head towards 5580-5600 and 5635 levels, where again, it will face selling pressure.

7 Mar: Nifty spot resistance at 5555-5585-5610-5635. Support at 5505-5475-5455-5420 - www.niftypower.com

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