This has been the longest streak that I can remember, where the view remained "Bullish" throughout without even having a single "Neutral" or "Bearish" day and for the expiry day also the Bullish stance is powerfully maintained.
For two days, we saw some retracement towards the end of the session and the intra-day bulls or the late entrant weak bulls were all thrown out, but at the same time, the end of the day bears never had a chance to exit. Today there was a strong bullish move towards the end and even the intra-day bears didnt get a chance to exit.
What does this imply for the expiry?
Intra-day bears trapped completely
End of the day bears have been trapped in this move all along from 13th march.
So is it even possible for a single bear to make money in this expiry if the position is left as it is?
I doubt and this is the theory that has been maintained all along right from the 13th and throughout the last week, when even 2950 seemed to be a reachable but very distant target.
The fact that bulls deliberately did not cross 3000 levels today and again have trapped weak bears signifies the fact, that the expiry is going to be above 3000 levels and I wouldn't be surprised if the NIFTY series expires at 3075 - 3100 levels.
The key levels for tomorrow's session being 3020, 3056 and 3077.
2972, 2956, 2939 should provide the required support and in any case the view is that it will not go below 2915 levels.
Also note this entire move could be to completely trap the bears waiting for October lows to be broken and we can see a reversal for the NIFTY April series.
Happy Trading
www.tripleint.com
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