Nifty Action March 20, 2017: Nifty opened at 9166.95 near the high point of the day which is 9167.60 and started to move lower and closed at 9126.85 near the day’s low 9116.30. Today we can see more sellers having the grip over the market and the nifty closed just 5 points above the 5-day moving average.
Technical set up: Nifty formed Bearish Belt Hold Pattern which shows a strong reversal signal for the short term. So we can expect market to move towards 9060 which is the gap up opening levels seen on 14th March 2017. Nifty can hold 9060 levels as support and bounce back, if not nifty to see 9000 levels.
What’s the FII activity today: FII’s bought 776 crores in Index futuresand also 89crores in Index Option.
Nifty Spot: 9126.85 (-33.20)
Nifty Futures: 9153.55 (-18.2)
Support: 9120, 9070
Technical Chart Pattern:Bearish Belt Hold
Nifty Strategy:Even though nifty dropped 33 points but futures dropped only 18 points in addition to that FII‘s are buyers in index futures. All these gives the indications that all the dips will be bought into. New long positions can be created near 9070 -9080 levels.
- Nifty Positional Call initiated on 14-Mar-2017:Continue to hold the long positions which are created @ 9080 levels of 9200, 9350, 9600 levels with the stop around 8980 levels.
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