The Nifty Index in last trading session ended at 5413.85 with gains of nearly one percent. On the derivatives front we have seen that the Nifty Futures prices surged along with an overall addition of open interest and increase in the cost of carry, this is an indication of some longs being built at lower levels. On the options front the OI PCR has ended at 1.19 vs. 1.13 whereas the Volume PCR has ended at 1.13 vs. 0.99. On the Volatility Front the Indian Volatility Index has ended at 22.26% vs. 25.21% losing 11.70% indicating some ease off in the markets.
Nifty for 23rd March :- First of all, Spot Nifty should open and sustain at least above 5415 in the opening bell. Nifty hurdle is at 5420. Spot Nifty will face the first resistance at 5430-5435 levels. remember, at least 5430 should sustain for sometime (at least for half an hour) , then the levels of 5460-5480-5500 can be seen. otherwise, if Spot Nifty could not sustain 5430, then profit booking can bring the Spot Nifty down up to 5400 at first. 5400 is a strong and sentimental support of Spot Nifty, breaking which, Spot Nifty can go down as such: 5380-5350-5330. above is the possible scenario of 23rd March Market. what ever may be the case, both Spot Nifty as well as the Market will ply in the wide gaps & you have to make profit within that.
Nifty Intraday Levels for Wednesday 23 March 2011
SUPPORT 1 SUPPORT 2 RESISTANCE 1 RESISTANCE 2
5384 5354 5436 5458
Nifty Future Levels for Wednesday 23 March 2011
SUPPORT 1 SUPPORT 2 RESISTANCE 1 RESISTANCE 2
5398 5382 5459 5484