MARKET TREND:
Yesterday Nifty has moved as we expected, but stocks moved beyond our expectations. Within narrow range and lower breadth market moved to New High but it could not cross the resistance zone of 6600-6620. FIIs have bought 10296 contract worth of 346.5 cr. Index Futures by adding 30.8k longs and 20.5 k shorts. OI has been increased by 51478 contracts. Bulls have created panic to Bears and forced them to square off their 6500 PE and go for shorts as Market (March derivatives session) is going to close between 6500-6600 range. We able to see 6700 CE speculative trades also, even low range volatility. In Equity Segment also FII are in buying side by 1466 cr and DII are at selling worth of 770. Rupee has closed at 60.23 which is highest in 8 months to support our Cash In-flows.
Today market likely to open with positive bias in line with our SGX NIFTY (30pts plus @ 8.15 am) and may get resistance at 6640/6650 level. As profit booking is inevitable after such long journey, day traders can go short below 6620-6640 level with SL of 6660
NIFTY SPOT LEVELS:
Pivot: 6576
Resistance: 6608/6627/6659
Support: 6557/6526/6507
NIFTY FnO BAN:
HDIL, IBREAL & LNTFH
STOCKS FOR DAY:
Movement trades only more ideal with strict SL to save our working capital/minimise trading loss.
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