NIFTY TODAY WITNESSED GAP UP OPENING WHICH DIDNT GIVE ANY SURPRISE AS WE MENTIONED IN OUR EARLIER POSTS THAT OI AT 5700 PE WAS HIGHER THAN 5600 PE. HOWEVER THE EARLIER GAINS ERASED AND NIFTY CLOSED AT 5633.85 DOWN BY 17 POINTS. NIFTY FORMED A STRONG BEARISH CANDLE ON A DAILY CHART AND BULLS WERE FORCED TO COVER SHORTS AT 5700 PE WHICH IS EVIDENT FROM THE LIQUIDATION WITNESSED LATER ON. NIFTY IS TRADING WITH NEGATIVE BIAS AND BREACH OF 5600 MARK ON CLOSING BASIS MAY WORSEN THINGS IN COMING DAYS. WITH MARCH EXPIRY DUE IN JUST COUPLE OF SESSIONS AND CONSIDERING HARDLY 3 SESSIONS IN THIS WEEK WE EXPECT ERRATIC MOVES PARTICULARY IN INDEX MAJORS AND REQUEST TO EXERCISE A VERY CAUTIOUS APPROACH WHILE TRADING IN FUTURES. ONE MUST AVOID CARRYING OVER LEVERAGED POSITION OVERNIGHT AND TRADE WITH STRICT SLs IN PLACE.
VIX ROSE MORE THAN 5% AND CLOSED ABOVE 16. SUPPORT FOR NIFTY 5630-5610 AND RESISTANCE NOW PLACED AT 5658-5692-5708.
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