Throughout this series, it has been bulls completely dominating the markets and being the expiry of March derivative series, pattern-wise bulls are placed on strong ground and are likely to push markets for a higher close.
On the contrary, in the past sessions, there were heavy unwinding seen in 5300 put, as well as 5200 puts indicating some amount of weakness. If the markets are to be pushed higher, there might not be any reason for 5200 puts to unwind. The overall volume PCR and PCR indicates a neutral to a bullish move. The transaction on 5200 calls and puts far exceeded the amount seen for previous expiries and points to a close around 5206 levels.
Pattern-wise, bulls can take market to a close of around 5256 levels.
Overall, it is better to wait for the intraday data on the open interests around mid-day to strategise and trade the expiry rather than positioning around the open itself.
Will be updating the trading calls around noon today.
Resistance levels : 5235, 5256, 5275
Support levels : 5218, 5206, 5177
Happy Trading
www.tripleint.com
1 comment:
Bulls gave the final push for the expiry and Nifty closed at 5260, very near to the predicted close of 5256.
Pattern theory proved to be stronger!
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