Market Review Today :-The Nifty Index in last trading session ended almost flat at 5364.75. On the derivatives front we have seen that the Nifty Futures prices declined along with shredding of open interest and increase in the cost of carry, this is an indication of long closure at higher levels. On the options front the OI PCR is trading at 1.13 vs. 1.14 whereas the Volume PCR is at 0.99 vs. 0.92. On the Volatility Front the Indian Volatility Index ended at 25.21% losing 2.63% indicating some ease off in the markets.
Nifty For 22nd March :- Spot Nifty should open and sustain at least above 5365 in the opening bell. Nifty hurdle is at 5378. Spot Nifty will face the first strong Resistance at 5384-5385 levels. if Spot Nifty can sustain 5385 for some time, then levels of 5400-5405-5410-5420 can be seen. Fresh buying will take place above 5420 and Spot Nifty levels after that will be 5440-5450-5470-5500. otherwise, if Spot Nifty could not sustain 5365 in the opening bell then profit booking can pull the Spot Nifty down up to 5350-5340-5320-5310-5300 levels.
Nifty Intraday Levels for Tuesday 22 March 2011
SUPPORT 1 SUPPORT 2 RESISTANCE 1 RESISTANCE 2
5338 5310 5403 5440
Nifty Future Levels for Tuesday 22 March 2011
SUPPORT 1 SUPPORT 2 RESISTANCE 1 RESISTANCE 2
5350 5320 5418 5455