Nifty closed at 5290.85 (lost 41.55 points), just below 20SMA. As stated on Friday, the level of 5331-35 has became strong resistance since every attempt to move past this level, is met with severe selling pressure. ONCE AGAIN IT PROVED SAME. ON FRIDAY, A REPORTED FREAK TRADE MADE NIFTY FUTURE @5200 AROUND 2.30 P.M. However, now Nifty again comes in the channel and it needs to close above 5300/5310/5343 for upmove. Nifty may trade between the range of 5200 and 5400 for the time being. DUE TO EXPIRY (APRIL), MAKET MAY BE VOLATILE. For today, WATCH 5278/5267/5250 ON THE DOWN SIDE AND 5310/5335/5342/5350 ON THE UPSIDE.
From options data,,highest options base has been shifted to 5100 put and 5400 calls, but still highest accumulation is for 5200 put and 5400 calls. It is expected that Nifty may trade in a range of 5200-5400 for the time being. In any case, breaching of this range may lead 100-150 points in Nifty on directional bias.
DISCLAIMER: BEING A TRADER, I MAY HAVE SOME VESTED INTEREST.
